Business, Freight News, IT, Logistics

Funding boost for project44

[ January 11, 2022   //   ]

The project44 supply chain visibility platform has received a $420 million investment from a  syndicate led by Thoma Bravo, TPG and Goldman Sachs Asset Management. It will be used to support the company’s strategic acquisition program and product development.

Combined with $202 million equity funding in May of 2021, project44 says it has set a funding record for Logistics Tech enterprise software as a service companies. The company now generates more than $100 million in annual recurring revenue, the largest of its kind in the world.

The company supports more than 1,000 organizations including Amazon, Baker Hughes, Coop, CNHI, Danone, Dollar General, FedEx, General Mills, Goodyear, Kuehne & Nagel, Lenovo, McKesson, Mondelez, Nestle, The Home Depot and Unilever. 

Over 1,000 team members work with project44 at its 17 global offices and over the coming year the company plans to hire hundreds of new members in China, Europe, Latin America, North America, and Japan. 

Acquisition of Convey in September enabled project44 to extend real-time visibility and exception management to last-mile, including parcel, courier, white-glove doorstep delivery. Ocean Insights, acquired in March, brought visibility into cargo at sea while ClearMetal, acquired in May, added artificial intelligence and machine learning capabilities.