project44 nets $80m in new funding round involving two shipping giants
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Yesterday project44 announced an $80 million strategic funding round led by Generation Investment Management and Maersk's parent company, A.P. Moller Holding. With CMA CGM also taking part, project44 has now attracted investment from two of the world's largest shipping companies. According to the supply chain visibility giant, the latest funding round brings its valuation to $2.7 billion.
Others to participate in the funding round were Goldman Sachs, TPG, Emergence Capital, Chicago Ventures, Sapphire, 8VC, Sozo Ventures, and Omidyar Technology Ventures.
According to project44, the new investors will allow the company to streamline its access to ocean data while “continuing to remain neutral” in its relationships with carriers.
Moreover, project44 states the funding shall facilitate further actions to better measure and mitigate global supply chain emissions.
This emissions visibility, it is said, shall help the company’s customers meet new carbon reporting requirements under International Maritime Organization (IMO) 2023 and the EU’s proposed corporate sustainability reporting directive (CSRD), which calls for companies to measure and report Scope 3 emissions.
Commenting on the announcement, Jett McCandless, Founder & CEO of project44, said:
“This latest round of funding will accelerate our ability to connect all parties across the supply chain ecosystem and deliver the highest quality supply chain and emissions visibility data to our shipper, freight forwarder and LSP customers. With these data feeds, our customers are able to outperform their competitors by managing inventory better, delivering an exceptional customer experience and building a more predictable and resilient supply chain. We will continue to deliver incredible value for our customers, no matter what challenges or opportunities 2023 brings.”