Supply chain visibility platform project44 has raised $80 million in new funding, with A.P. Moller Holding and CMA CGM among its new investors. The $80m funding round values project44 at $2.7 billion.
“When uncertainty from supply chain disruptions, inventory costs and economic policy is at an all-time high, project44 continues to deliver lasting business value to our customers,” said Jett McCandless, Founder and CEO of project44.
“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 (Logistics Service Provider) 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.”
The project44 visibility platform provides shippers, freight forwarders, carriers and logistics stakeholders with data on activities within the supply chain. The additional funding will enable the firm to build a new module for measuring Scope 3 supply chain emissions (indirect emissions from activities and assets not owned or controlled by the company) across all regions and modes of transportation.
In doing so, the company aims to support shippers and freight forwarders in optimising cost, performance and emissions within one platform, while also assisting in compliance with carbon reporting requirements from IMO and other authorities.
“project44 is a leader in supply chain visibility and has demonstrated its ability to add significant value to ecosystem participants, improve supply chain performance, and position the industry for a more sustainable future,” said Chetan Mehta, Head of Growth Equity at A.P. Moller Holding.
“We’re pleased to make our initial investment in the company.”
