Logistics visibility platform vendor project44 plans to continue expanding its software capabilities and geographic coverage for supply chain tracking data after gaining $420 million in new backing from a group of venture capital firms, the company said today.
The backing came from a syndicate led by Thoma Bravo, TPG, and Goldman Sachs Asset Management, with additional participation from Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire, and Sozo Ventures.
It follows $202 million of equity raised last year, and a string of acquisitions in 2021 including Convey, Ocean Insights, and ClearMetal.
The company says it now plans to offer more value to its customers and solidify its position as the global network that powers the future of the supply chain. “Today, project44 is helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports. Our growth over the past year speaks to these macroeconomic tailwinds and the competitive edge we can provide to our customers,” project44 Founder and CEO Jett McCandless said in a release.
According to its investors, that growth curve is set to continue. "Supply chain visibility has become increasingly important as shortages, delays and bottlenecks ramp up. project44’s potential to solve even the most complex of these issues is unparalleled," Robert (Tre) Sayle, partner at Thoma Bravo, said in a release.
We’re making history, again. #project44 closed 2021 with a $420 million investment and pre-money business valuation of $2.2 billion – further accelerating innovation for greater #supplychain execution.— project44 (@freightpipes) January 11, 2022
Find out why project44 is the #1 market leader: https://t.co/a1wf1dAtBh pic.twitter.com/BG70WZyNE4