project44 Bags $100M Round

December 23, 2020

project44 has closed a Series D financing round of $100M. The funding round, led by Insight Partners, follows rapid growth the company has achieved as organizations around the world move to strengthen their supply chains, and better safeguard and track shipments during the challenges of COVID-19.

Additional participation came from 8VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures, and Underscore VC.

The new funding will go toward continued, global expansion of project44’s leading, multimodal carrier network as well as new product innovations, partnerships and integrations both up and downstream within the supply chain to offer the most advanced and comprehensive offering on the market.

“The events of 2020 magnified challenges organizations face in achieving supply chain visibility,” said Jett McCandless, CEO and founder of project44. ​“Digital transformation to better understand and manage shipping delays and status was important pre-pandemic; now it is a business imperative. With project44’s best-in-class solution, we were a natural choice for organizations that needed to adapt to unprecedented logistical challenges this year. We’ve seen the biggest increase in new customers, and the highest net revenue retention at 118%, among competitors in the supply chain visibility space. Now, with this Series D funding, and closer relationships with leading investor partners, we will only accelerate innovation to transform the global supply chain, helping organizations prepare for a new normal.”

“We began collaborating with project44 earlier this year, largely to gain additional predictive insights into our shipments. As we continue to access more granular data across Lenovo’s transportation activities, we are able to improve our end-to-end supply chain operations, improving efficiency for our customers,” said Renée Ure, Chief Operating Officer, Lenovo Data Center Group. ​“The real-time visibility enabled by project44 has been essential as we work through the pandemic – enabling Lenovo to pivot quickly to meet our customer needs while continuing to foster their trust.”

project44 is a provider of real-time transportation visibility with over 400 enterprise customers, including the top three Fortune 100 companies, two of the three largest retailers in the world, and eight of the world’s top ten freight brokerages. 2020 has been a massively successful year for the company:

Signed a record-setting 135 new customers as well as numerous customer expansions including ABB, Alcon, Arcese, BSH Home Appliance, Flowserve, General Mills, Girteka Logistics, IFCO Systems GmbH, Lenovo, Magna International, PepsiCo and more.

Launched industry-first innovations to become the only supply chain visibility and collaboration company with one seamless global and multimodal experience with tracked shipments in more than 140 countries around the world.
Added air freight and groupage visibility as well as expanded global ocean coverage to track all shipments, everywhere.

Announced multiple product advancements including an enhanced, predictive ETA model that calculates a shipment’s arrival status with extreme accuracy, helping customers to reduce inventory.

Provided the most expansive and highest performing, global, over-the-road network with connections to more than 780 telematics/​ELD providers, representing 94% of the European market, and over 95% parcel coverage in North America and Europe.

Recognized by SAP as Cloud Integration Partner of the Year for enabling global brands to build more agile supply chains, and placed second for the 3rd year in the FreightWaves FreightTech 25 awards, following Amazon, for the third year in a row.

“We are excited to expand our relationship with project44 and become its largest investor,” said Ross Devor, Managing Director at Insight Partners, who will also take a seat on the project44 board. ​“Optimizing supply chains emerged as a top priority for companies in 2020, with major implications for global businesses, economies and society at large. project44 stood out to us as a strong, high-growth partner back when we first invested in 2018, due to their focus on transforming shipping and logistics by providing the connective, data stream across the industry. Now we’ve watched them deliver on this, and when we have a winner, we double down. The company is helping to solve supply chain challenges of today, while preparing their customers to better face the challenges ahead. This is something we want to be a part of.”

To date, project44 has raised $241M to improve supply chain trust and predictability.