The news of the investment and the new valuation was broken by Bloomberg in the early hours of this morning European time.
Back in June 2021, project44 had just reached unicorn status having secured Series E investment of $202 Million. Since then, the company’s value has almost doubled from $1.2 billion to $2.2 billion in the space of just 6 months.
The latest investment in the supply chain visibility giant comes courtesy of an investment group that includes Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire and Sozo Ventures.
project44 founder and CEO Jett McCandless told Bloomberg that it would be using the $420 million cash injection to expand the company’s network, make strategic acquisitions, as well as hire product and engineering staff in the likes of Japan, Brazil and China.
The Bloomberg report adds that project44 achieved $100 million in annual recurring revenue last month, while the company aims to hit $170 million by the end of the financial year.
It was also revealed that the supply chain visibility provider will “probably pursue a traditional initial public offering”. However, as McCandless told Bloomberg, the timing of the move has not yet been decided.
Finally, McCandless also issued a statement on the announcement via the project44 website:
“Today, project44 is helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports. 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.”