Supply chain visibility platform project44 has received a $420 million investment, the company announced Tuesday (Jan. 11).
Per the release, when combined with a past $202 million equity raise, the company has set a new funding record for Logistics Tech enterprise Software-as-a-Service (SaaS) companies.
This new investment will help project44 meet its goals of helping brands get more products across supply chains, with better resiliency, sustainability and value for customers.
“Today, project44 is helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports,” said Jett McCandless, founder and CEO of project44. “Our growth over the past year speaks to these macroeconomic tailwinds and the competitive edge we can provide to our customers.
“With ongoing support from our investors, we can offer even more value to our customers and solidify our position as the global network that powers the future of the supply chain.”
Project44 closed its $202 million Series E funding round in May 2021, which ended up valuing the company at $1.2 billion.
This new round was led by Thoma Bravo, TPG and Goldman Sachs Asset Management, and the new funding will go towards growing services and hiring employees.
PYMNTS writes that in March 2021, project44 debuted Supplier Visibility, intending to give shippers a novel way to observe prepaid freight. The tech comes with real-time information from prepaid shipments.
That will allow for management of inventory levels and carrying costs, along with breaking down the internal silos between transportation and demand chain departments.
The report says it could be dangerous for Fortune 500 companies as it could end up giving them price tags of around $20 million, thanks to waste from inefficient yard and warehouse labor.