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Becomes Unicorn Supply Chain Platform project44 Raises $202 Million

Supply Chain Platform project44 Raises $202 Million, Becomes Unicorn

June 02, 2021 at 04:07AM
by PYMNTS

Supply chain technology startup project44 has closed a Series E funding round with $202 million, according to a company blog post. The company is now valued at $1.2 billion.

The company offers technology that lets shippers and logistics service providers see where their shipments are in the supply chain.

The round was led by Emergence Capital and funds managed by Goldman Sachs, the post stated. The company plans to use the new funding to grow its services and hire more employees.

In March, project44 rolled out Supplier Visibility, which PYMNTS reported will give shippers a new way to see prepaid freight from suppliers.

The technology incorporates real-time information from the prepaid shipments, which allows for management of inventory levels and carrying costs. It also works to break down internal silos between the transportation and demand chain departments.

A lack of visibility into inbound supplier-managed freight could prove deadly for Fortune 500 companies, costing them as much as $20 million in overspend due to inefficient yard and warehouse labor allocation. It could also build up excess stock and wait times for trucks at the warehouses and distribution centers, and it could cause late penalties to add up.

In December, project44 completed a Series D funding round and came away with $100 million. That round was led by Insight Partners, an existing investor, with additional support from Eight Partners VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures and Underscore VC.

At the time, the company said it would use the money to grow its software and expand the business via a public stock offering.

“We are the connective tissue for logistics and supply chains,” project44 Co-Founder and CEO Jett McCandless said at the time.

The supply chain software market expanded 8.3 percent in 2019, reaching more than $15 billion in revenue amid an increasing need for full visibility and resilience in the supply chain.