Project44 has just received a significant injection of capital, specifically €371.5 million. A syndicate led by Thoma Bravo, TPG and Goldman Sachs Asset Management (“Goldman Sachs”) with the participation of Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire and Sozo Ventures, has acquired equity stakes giving as result a business valuation of 1,945 million euros ($2.2 billion).
In addition, Sixth Street has committed to making additional funds available to support the company’s strategic acquisition program and product development activities. When combined with the capital increase of 178 million euros carried out in May 2021, Project44 has reached a funding record for SaaS technology companies associated with logistics (“Logistics Tech”).
These investments position Project44 to accelerate its mission to help leading brands optimize the movement of products through supply chains, providing more resiliency, sustainability and value for their customers.
“Project44 is currently helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns, to unpredictable weather or port bottlenecks. Our growth over the past year speaks to these macroeconomic movements and the competitive advantage we can bring to our clients.”said Jett McCandless, founder and CEO of Project44. “With the continued support of our investors, we can deliver even more value to our customers and solidify our position as the global network driving the future of supply chain.”
Supply chain visibility
Throughout 2021, Project44 cemented its position as the number one supply chain visibility company with global port-to-door coverage across all modes of transportation. The company now generates more than 88 million euros in annual recurring revenue (ARR), the world’s largest generation 2 logistics technology company.
The most influential analysts in the logistics industry also rank Project44 ahead of its competitors. By taking first place in FreightTech 25, Gartner Voice of the Customer and G2 have awarded project44 their highest honors. Additionally, Chicago Inno named project44 among the top 100 places to work in Chicago.
“Supply chain visibility has become increasingly important as shortages, delays and bottlenecks increase. The potential of project44 to solve even the most complex problems is unparalleled,” said Robert (Tre) Sayle, Partner at Thoma Bravo. “By continually evolving to meet customer needs, project44 has developed a revolutionary platform that adds significant value to the entire global supply chain.”
