project44 Raises $100M to Accelerate Supply Chain Transformation, Expand Advanced Visibility Platform
CHICAGO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- project44, a global leader in supply chain visibility for shippers and logistics service providers (LSP), today announced it has closed a Series D financing round of $100M. The funding round, led by Insight Partners, follows the company’s rapid growth as organizations around the world look to visibility solutions to strengthen their supply chains and better safeguard and track shipments amidst the challenges of the COVID-19 pandemic.
Additional participation in the funding round 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 are the natural choice for organizations that need to adapt to today’s unprecedented logistical challenges. That’s why 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 our 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 leading provider of real-time transportation visibility with more than 400 enterprise customers, including the top three Fortune 100 companies, two of the three largest global retailers, and eight of the world’s top ten freight brokerages. 2020 has been a massively successful year, where the company:
- Signed a record-setting 135 new customers, as well as numerous customer expansions including ABB, Alcon, Arcese, BSH Home Appliances, 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.
- 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.
- Created 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.
- Was recognized by SAP as Cloud Integration Partner of the Year for enabling global brands to build more agile supply chains, and placing second, following Amazon, in the FreightWaves FreightTech 25 awards 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.
project44 is the world’s leading advanced visibility platform for shippers and third-party logistics firms. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations are able to increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional Amazon-like experience to their customers. Connected to over 175,000 carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Truckload, Rail, Intermodal, and Ocean. To learn more, visit www.project44.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.