Global supply chain tracking startup Project 44 raises $240 million

Project 44, a startup that allows the world's largest companies to track shipments across the global supply chain, has raised $240 million in equity funding from an investor group led by TPG, Thoma Bravo and Goldman Sachs Group Inc.'s asset management arm.

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The investor group, which comprises Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire and Sozo Ventures, has acquired $180 million of the firm's closely held shares from existing investors, for a total investment of $420 million, Project 44 founder and CEO Jett McCandless said in an interview.

The Chicago-based Project 44 plans to increase its network, strategic acquisitions, and hire product and engineering staff in nations like Japan, Brazil and China, according to McCandless.

Project 44, which tracks more than 1 billion packages annually, has created a connective tissue for shippers, logistics providers and other stakeholders in the transportation industry. He compares it to the distribution systems that provide a link between travel booking platforms and accommodation providers, such as hotels.

Our customers can go from reactive to proactive with the help of the company's machine learning technology helping predict delivery outcomes, McCandless said. Sellers have a better sense of knowing whether they will meet a commitment with a retailer or end customer, and buyers can make plans based on whether shipments will be on time, early or late. Project 44 tracks 96% of the shipping containers in the world every day. When the Ever Given cargo ship got stuck in the Suez Canal last year, blocking a crucial shipping channel, the startup made its ocean-visibility product free. Goodyear Tire Rubber Co. Bridgestone Corp. and Medtronic Plc - which used the free product - have signed up to access paid offerings, joining the likes of Amazon.com Inc. and FedEx Corp. McCandless said.

The last month, Project 44 reached $100 million in annual recurring revenue, and is targeting around $170 million by the end of the year. After fielding interest from special purpose acquisition companies in 2021, it will probably pursue a traditional initial public offering, though no timeframe has been decided, McCandless said.

Robert Tre Sayle, a Thoma Bravo parter, said in an emailed statement that supply-chain visibility has become increasingly important as shortages, delays and bottlenecks ramp up. Project 44 has developed a revolutionary platform that adds value to the entire supply chain. Read more: The Inside Story of the Stuck Suez Ship That Broke Global Trade

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