project44 Lands $45 Million in Funding for Freight Tech Expansion
Supply-chain technology company project44 has raised $45 million in venture-capital funding to accelerate a global expansion effort launched earlier this year.
Venture capital firm Sapphire Ventures led project44’s latest round of fundraising, which brings the total capital raised to more than $90 million and places project44’s valuation at “slightly less than half a billion,” according to Chief Executive Jett McCandless.
Project44’s cloud-based technology links information technology systems between various transportation and logistics providers, giving shippers and their freight transportation providers a better view of goods moving through distribution channels.
The latest funding round comes less than six months after Chicago-based project44 raised $35 million to add ocean shipping to its North American rail, trucking and parcel services to sell its technology in Europe and Asia. Mr. McCandless said the new infusion of capital allows the company to “accelerate” that expansion.