The COVID-19 pandemic has created many problems around the world, and supply chains are no exception.
There are a number of applications that aim to solve workflow challenges across the supply chain. However, real-time access to information from transport companies has so far been difficult for shippers and logistics companies.
Enter Project44. The 7-year-old Chicago-based company has built an API-based platform that acts as a “connective tissue” between transport companies, logistics companies, shippers and the systems. Using predictive analytics, the platform provides important real-time information such as Estimated Time of Arrival (ETAs).
“Supply chains have seen an incredible amount of change – there has never been a greater need for agility, resilience, and the ability to quickly respond to changes across the supply chain,” he said Jason Duboe, the company’s chief growth officer.
And now, project44 announced that it has raised $ 202 million in a Series E funding round led by Goldman Sachs Asset Management and Emergence Capital. Girteka and Lineage Logistics also participated in the funding, giving project44 a post-money valuation of $ 1.2 billion. That doubles the company’s valuation at the time of Insight Partners-led Series D in December, valued at $ 100 million.
The increase is likely the largest investment in supply chain visibility to date.
Project44 is one of those refreshingly transparent private companies that gives insight into its finances. This month the company posted annual recurring revenue (ARR) of over $ 50 million, up 100% year over year. It has more than 600 customers including some of the world’s biggest brands like Amazon, Walmart, Nestle, Starbucks, Unilever, Lenovo and P&G. Customers come from a variety of industries including CPG, Retail, Ecommerce, Manufacturing, Pharmaceuticals and Chemicals.
Over the past year, the pandemic caused a number of disruptions in the supply chain, underscoring the importance of technologies that help gain insight into supply chain operations. Project44 said it worked hard to help customers mitigate “relentless volatility, bottlenecks and logistical failures,” including during the Suez Canal incident involving a cargo ship got stuck for days.
Looking ahead, Project44 plans to use part of its new capital to continue its global expansion. Project44 recently announced its Expansion to China Duboe said the company plans to grow in Asia Pacific, Australia / New Zealand and Latin America.
“We will continue to invest heavily in our Carrier products to enable more participation and engagement from the transportation community who want a stronger digital experience to improve efficiency and the experience for their customers, ”he told TechCrunch. The company also plans to expand its artificial intelligence (AI) and data science capabilities, and expand the reach of sales and marketing worldwide.
Last week project44 announced the acquisition of ClearMetal. A San Francisco-based supply chain planning software company focused on international cargo visibility, predictive planning, and the overall customer experience. With the purchase, said Duboe project44 will now have two contracts with Amazon: road and sea.
“Project44 will power what they pursue,” he added.
And in March the company too acquired Ocean Insights to expand its ocean offerings.
Will Chen, Managing Director of Goldman Sachs Asset Management, believes project44 is unique in its level of coverage across regions and modes.
“Most of the competitors focus primarily on road visibility and mainly serve one region, while project44 is a truly global company that offers end-to-end visibility across their customers’ supply chain,” he said.
Goldman Sachs Asset Management, the well-known CEO and founder of project44, Jett McCandless, will help the company grow not only through the provision of capital, but also through its network and resources.