Project 44 knighted by Goldman Sachs
Project 44 has found new investors. The seven-year-old Chicago-based company raised USD 202 million in a Series E funding round led by Goldman Sachs Asset Management and Emergence Capital. Players from the sector like Girteka and Lineage Logistics also participated in the financing.
In December, a Series D financing round resulted in USD 100 million, bringing Project 44’s total funding to USD 241 million at the time. The current funding round gives the company a post-money valuation of USD 1.2 billion, bringing its total raisings to USD 442.5 million.
The young firm now plans to "push into the Asian market to strengthen the company's global sales and marketing reach".
The business model of Project 44 is based on an API-based platform connecting transportation providers, third-party logistics companies, shippers and their supply chain systems. Using predictive analytics, the platform provides real-time information, e.g. estimated time of arrivals (ETAs) etc. (sh)