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- project44
project44 Revenue, Valuation, Funding & Investors
project44 is valued at $2.7B as of November 2022, a 20.1x multiple on its last reported $134M revenue.
Last project44 valuation
$2.7B
Undisclosed stage · Nov 2022
Last project44 funding round
$80M
Undisclosed stage · Nov 2022
project44 revenue
$134M
Undisclosed stage · Nov 2022
Key investors in project44
Emergence Capital
Chicago Ventures
8VC
Sapphire Ventures
Sozo Ventures
Omidyar Technology Ventures
About project44
project44 is a Chicago-headquartered supply chain visibility platform connecting shippers and carriers worldwide. The company manages end-to-end visibility for shipments in manufacturing, automotive, retail, life sciences, food and beverage, consumer packaged goods, and oil, chemical, and gas sectors. Recognized as a leader in the Gartner Magic Quadrant for Supply Chain Planning Solutions and FreightWaves FreightTech rankings, project44 maintains offices in 15 locations including Amsterdam, Kraków, Paris, São Paulo, Shanghai, and Tokyo. Its platform enhances predictability, resiliency, and sustainability through advanced tracking and analytics features.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$134M (Nov 2022)
Valuation
$2.7B (Nov 2022)
project44 Valuation
project44 is currently valued at $2.7B, based on its undisclosed-stage round in November 2022.
The $80M round was led by A.P. Moller Holding and Generation Investment Management, with participation from Sozo Ventures, CMA CGM, 8VC, Chicago Ventures, Emergence Capital and 4 other investors.
project44's valuation has grown 27x from $100M at its Series B in April 2018 to $2.7B in November 2022, across 5 priced rounds.
project44 valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2022 | Undisclosed stage | $2.7B | 20.1x |
| Jan 2022 | Series F | $2.6B | 26.2x |
| Jun 2021 | Series E | $1.2B | 12.0x |
| Oct 2018 | Series C | $495M | - |
| Apr 2018 | Series B | $100M | 2.0x |
project44 Revenue
project44's latest recorded revenue is $134M, as of its undisclosed-stage round in November 2022. At a $2.7B valuation, that implies a 20.1x revenue multiple.
Revenue grew from $50M in April 2018 to $134M in November 2022, while the revenue multiple moved from 2.0x to 20.1x.
project44 revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2022 | $134M | $2.7B | 20.1x | Undisclosed stage |
| Jan 2022 | $100M | $2.6B | 26.2x | Series F |
| Jun 2021 | $100M | $1.2B | 12.0x | Series E |
| Apr 2018 | $50M | $100M | 2.0x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
project44 Funding History
project44 has raised a total of $943M across 8 funding rounds.
project44's first fundraising round was a $14M Series A in September 2016. The most recent completed round was a $80M undisclosed-stage round in November 2022.
project44 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2022 | Undisclosed stage | A.P. Moller Holding (lead); Generation Investment Management (lead); Sozo Ventures; CMA CGM; 8VC; Chicago Ventures; Emergence Capital; Sapphire Ventures; TPG; Goldman Sachs Asset Management; Omidyar Technology Ventures | $80M | $2.7B | project44 is a supply chain visibility platform providing real-time tracking across ocean, rail, truck, air, and parcel modes, connecting shippers with over 220,000 carriers and tracking more than 1 billion shipments annually for over 1,000 customers including Energizer, Anheuser-Busch InBev Europe, and Foot Locker. In March 2022, the company raised $80 million in a follow-on round to its January 2022 Series F, led by A.P. Moller Holding and Generation Investment Management, with participation from Goldman Sachs Asset Management, TPG, CMA CGM, Emergence Capital, Chicago Ventures, Sapphire Ventures, 8VC, Sozo Ventures, and Omidyar Technology Ventures. The round valued project44 at a post-money $2.7 billion, up 12% from the $2.4 billion Series F valuation despite a B2B SaaS market downturn. Near the round date, project44 reported booking $44 million in ARR so far in 2022, bringing total booked ARR to $134 million with 70% year-over-year growth and net revenue retention of 127%. This followed H1 2022 results of $124.1 million in booked ARR (January-July), reflecting 115% YoY growth from 288 new customers, product expansions, and geographic growth. Earlier, in January 2022, ARR exceeded $100 million. The funding supports initiatives like global supply chain emissions measurement across all transport modes, with project44 on a glide path to profitability. The company demonstrated strong traction with 358 new customers in 2022 YTD and top rankings in Gartner Peer Insights, G2 Grid Reports, and SupplyChainBrain's 100 Great Supply Chain Partners. |
| Jan 2022 | Series F | Goldman Sachs Asset Management (lead); Thoma Bravo (lead); TPG (lead); Sozo Ventures; Chicago Ventures; Emergence Capital; Generation Investment Management; Sapphire Ventures; Insight Partners; WP Global Partners | $420M | $2.6B | project44 is a leading supply chain visibility platform that provides real-time tracking and visibility solutions across all modes of transportation, helping shippers and logistics service providers optimize operations, reduce costs, and improve shipping performance globally. The platform tracks more than 1 billion packages annually across port-to-door coverage in 166 countries, serving over 1,000 customers with a team of 1,000+ employees across 17 offices worldwide. In January 2022, project44 announced a $420 million Series F investment led by Thoma Bravo, TPG, and Goldman Sachs Asset Management, with participation from Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire, and Sozo Ventures, valuing the company at $2.2 billion on a pre-money basis. The company demonstrated exceptional growth momentum in 2021, achieving annual recurring revenue exceeding $100 million with 70% subscription gross margins, 133% net retention, and 96% annualized gross retention. In Q4 2021 alone, project44 booked $12.7 million in new ARR from 117 new logo closes, driving 170% year-over-year bookings growth and 216% year-over-year logo growth. The capital was earmarked for product and engineering investments (nearly doubling spend in 2022), strategic acquisitions, and expansion in key international markets including Japan, Brazil, and China, building on 2021 acquisitions of Convey, ClearMetal, and Ocean Insights that strengthened its competitive position as the #1 company in supply chain visibility. |
| Jun 2021 | Series E | Emergence Capital (lead); Goldman Sachs Asset Management (lead); Lineage; Girteka Logistics; northstar.vc | $202M | $1.2B | - |
| Dec 2020 | Series D | Insight Partners (lead); Sozo Ventures; 8VC; northstar.vc; Emergence Capital; Sapphire Ventures; Underscore VC; Omidyar Technology Ventures | $100M | - | project44 is a global leader in supply chain visibility, providing real-time transportation visibility platforms for shippers and logistics service providers with over 400 enterprise customers including top Fortune 100 companies, global retailers, and freight brokerages. The company connects to over 780 telematics/ELD providers, covering 94% of the European market and over 95% parcel coverage in North America and Europe. Founded in 2014, project44 raised a Series D round of $100 million on December 21, 2020, led by Insight Partners with participation from 8VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures, and Underscore VC, bringing total funding to $241 million at that time. The funds were intended to accelerate supply chain transformation, expand the advanced visibility platform, support global expansion of its multimodal carrier network, and drive product innovations, partnerships, and integrations. The 2020 round came amid rapid growth driven by COVID-19 challenges, with the company reporting its biggest increase in new customers and the highest net revenue retention at 118% among competitors in supply chain visibility. Insight Partners' Ross Devor joined the board, highlighting project44's role in optimizing supply chains and its strong performance since their initial 2018 investment. |
| Jul 2020 | Series C | Sozo Ventures; northstar.vc; Underscore VC | $52M | - | - |
| Oct 2018 | Series C | Pritzker Group Venture Capital (lead); Sapphire Ventures (lead); OpenView; 8VC; Chicago Ventures; Emergence Capital; 50 South Capital; Insight Partners; Counterpart Advisors; Omidyar Technology Ventures | $45M | $495M | - |
| Apr 2018 | Series B | OpenView (lead); Pritzker Group Venture Capital; 8VC; Chicago Ventures; Emergence Capital; High Alpha; Section Partners; Omidyar Technology Ventures | $30M | $100M | project44 is a Chicago-based logistics technology company providing real-time visibility solutions for shippers and third-party logistics firms across transportation modes like LTL, TL, volume LTL, rail, and expanding to parcel and ocean. In April 2018, it secured a $35 million funding round led by OpenView, with participation from new investor 8VC and existing investors Emergence Capital, Omidyar Technology Ventures, Chicago Ventures, and Pritzker Group Venture Capital, bringing total capital raised to $48 million from prior $10.5 million investments. The company announced its valuation had grown to over $100 million, reflecting strong growth including revenue that increased more than five times throughout 2017 and team expansion from 30 to 80 members. The funding aimed to accelerate product development, enhance visibility solutions, expand market reach, and support strategic growth initiatives in the trucking and logistics industry. project44 positioned itself to improve supply chain efficiency, enable better communication, and leverage logistics data for customers. OpenView's Jim Baum joined the board, highlighting project44's unique data management capabilities regardless of origin. This Series B followed a Series A of $13.8 million in September 2016 led by Chicago Ventures and Emergence Capital. Just six months later in October 2018, project44 raised an additional $45 million Series C led by Sapphire Ventures with Insight Venture Partners and existing investors including those from the prior round, pushing total funding over $90 million to fuel international expansion, product innovation, and sales to manufacturers, retailers, e-commerce, distributors, 3PLs, and TMS providers amid surging demand for visibility platforms. |
| Sep 2016 | Series A | Chicago Ventures (lead); Emergence Capital (lead); INCISENT Labs; Silicon Valley Bank | $14M | - | - |
Who has invested in project44?
26 investors have backed project44 across its funding rounds, including Emergence Capital, Chicago Ventures, 8VC, Sapphire Ventures, Sozo Ventures and Omidyar Technology Ventures.
Lead investors include A.P. Moller Holding, Generation Investment Management, Goldman Sachs Asset Management, Thoma Bravo, TPG and 6 other investors.
project44 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 7 | Lead | Sep 2016 | ||
| 5 | Lead | Sep 2016 | ||
| 4 | Participant | Jul 2020 | ||
| 4 | Participant | Apr 2018 | ||
| 4 | Lead | Oct 2018 | ||
| 4 | Participant | Apr 2018 | ||
| 3 | Participant | Jul 2020 | ||
| 3 | Lead | Oct 2018 | ||
| 3 | Lead | Jun 2021 | ||
| 2 | Lead | Apr 2018 | ||
| 2 | Lead | Apr 2018 | ||
| 2 | Lead | Jan 2022 | ||
| 2 | Lead | Jan 2022 | ||
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Start Free TrialAcquisitions by project44
project44 has acquired 6 companies to date.
Last acquisition by project44 was on April 8th 2026. project44 acquired LunaPath for undisclosed valuation.
Latest Acquisitions by project44
| Description | LunaPath is a logistics AI company. It delivers carrier check-calls, status updates, and document retrieval services. | Synfioo is a real-time transportation monitoring platform alerting planners to disruptions like traffic jams, border delays, strikes, and weather events. The ETA service feeds data into TMS systems such as SAP TM and Oracle OTM for proactive rerouting. Munich-based Synfioo tracks ocean, air, road, and rail shipments globally using AIS, GPS, and API integrations. Founded in 2020, it serves logistics firms handling over one million TEUs annually. | Convey is a delivery management platform unifying carrier ecosystems for e-commerce and retail. It provides real-time visibility, predictive issue resolution, and on-ground adaptations to enhance customer delivery experiences across last-mile networks. | ClearMetal is a San Francisco, California-based pioneer in Continuous Delivery Experience platforms for supply chain management, empowering organizations with machine learning-driven insights into shipment statuses. The platform processes live data to optimize logistics, serving clients like Prologis and PSA. Backed by investors including Eclipse Ventures, NEA, and Innovation Endeavors, it transforms static visibility into actionable intelligence for global freight operations. | |
| HQ Country | |||||
| HQ City | Chicago, IL | Potsdam | Austin, TX | San Francisco, CA | |
| Deal Date | 8 Apr 2026 | 7 Apr 2022 | 21 Sep 2021 | 30 May 2021 | |
| Valuation | undisclosed | undisclosed | $255M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all project44 acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by project44
project44 has invested in 1 company to date.
Latest investment by project44 was on January 10th 2023. project44 invested in Jetstream Africa in their $13M Seed round.
Latest Investments by project44
| Description | Jetstream Africa is a Lagos-headquartered logistics platform founded in 2021 that enables SMEs to export via consolidated LCL shipping and real-time tracking to 50 ports worldwide. It processes 1,000 containers monthly from Nigeria, Kenya, and Ghana, integrating with carriers like Maersk and customs portals. The service reduces export costs by 30% through groupage and fintech partnerships with Flutterwave. |
| HQ Country | |
| HQ City | Accra |
| Deal Date | 10 Jan 2023 |
| Round | Seed |
| Raised | $13M |
| Investors | Alitheia IDF; Archangel Fund; Octerra Capital; Proparco; Seed9; The MBA Fund; Golden Palm Investments; W Fund; Wuri Ventures |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all project44 investments and their VC round multiples. Start Free Trial | |
project44 Competitors
project44 competitors include listed companies like SPS Commerce, Xiamen Xiangyu Co and Kinaxis, and private ones like Jusda, Smart Fabric and Zetwerk.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $752M | $182M | $2.9B | 3.5x | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $61B | $523M | $2.5B | 0.1x | ||
| Private | - | - | $2.5B | - | ||
| Private | $102M | $20M | $3.1B | - | ||
| Publicly listed | $548M | $102M | $3.5B | 5.3x |
project44 Public Comps
project44 is still privately-owned, but its public comps include SPS Commerce, Xiamen Xiangyu Co, Kinaxis, GigaCloud Technology, Wuchan Zhongda Group Co, HopeRun, Infomart, GuoChuang Software, New Trend International Logis-Tech and Huitongda Network.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $752M | $182M | 3.6x | 3.5x | 15.0x | 10.6x | |||
| $61B | $523M | 0.1x | 0.1x | 13.8x | 10.4x | |||
| $548M | $102M | 5.9x | 5.3x | 31.7x | 20.3x | |||
| $1.3B | $158M | 1.6x | 1.4x | 12.8x | 10.6x | |||
| $89B | $1.5B | 0.1x | 0.1x | 8.5x | 7.3x | |||
| $594M | $42M | 7.1x | 6.4x | 100.0x | - | |||
| $121M | $31M | 9.3x | 8.6x | 35.9x | 31.7x | |||
| $220M | ($17M) | 4.8x | - | (60.4x) | - | |||
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Common questions about project44
| When was project44 founded? | project44 was founded in 2014. |
| Where is project44 headquartered? | project44 is headquartered in Chicago, IL, United States. |
| Is project44 publicly listed? | No, project44 is a private, VC-backed company. |
| What is project44's valuation? | project44 was last valued at $2.7B in its undisclosed-stage round in November 2022. |
| How much funding has project44 raised? | project44 has raised $943M across 8 funding rounds. |
| What was project44's last funding round? | project44's last funding round was a $80M undisclosed-stage round in November 2022, led by A.P. Moller Holding and Generation Investment Management. |
| Who are project44's investors? | project44's investors include Emergence Capital, Chicago Ventures, Sozo Ventures, 8VC, Sapphire Ventures, Omidyar Technology Ventures, northstar.vc, Insight Partners, Goldman Sachs Asset Management, OpenView and 16 others. |
| What is project44's revenue? | project44's latest recorded revenue is $134M (November 2022). |
| What is project44's revenue multiple? | project44's latest valuation implies a 20.1x revenue multiple ($2.7B valuation on $134M of revenue). |
| Which companies are comparable to project44? | Companies comparable to project44 include SPS Commerce, Jusda, Xiamen Xiangyu Co, Smart Fabric, Zetwerk and Kinaxis. |
| How many companies has project44 acquired? | project44 has acquired 6 companies, including LunaPath, Synfioo, Convey, ClearMetal and Ocean Insights. |
| What was the largest acquisition by project44? | The $255M acquisition of Convey in September 2021 is the largest acquisition project44 has made to date. |
| How many companies has project44 invested in? | project44 has invested in 1 company, including Jetstream Africa. |
| What was project44's last investment? | In January 2023, project44 invested in Jetstream Africa's $13M seed round alongside Alitheia IDF, Archangel Fund, Octerra Capital and 6 other investors. |
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