Supply chain visibility platform project44 has raised $80 million in a funding round and said it would use the new capital to work toward several key initiatives without needing to raise additional capital.
The initiatives aided by the new capital include measuring and mitigating supply chain emissions across all modes of transportation to meet new carbon reporting requirements, project44 said Thursday (Nov. 3) in a press release.
This round values the company at $2.7 billion, which is up 12% from that of its previous funding round in January, according to the release.
Company Founder and CEO Jeff McCandless attributed this growth to the value the company delivers to its customers who are coping with uncertainty around supply chain disruptions, inventory costs and economic policies.
“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,” McCandless said in the release.
The company has also delayed a potential initial public offering (IPO), relying instead on continued venture-capital backing, the Wall Street Journal reported Thursday.
There has been uncertainty in the markets, and companies with products that aid their customers during times of supply chain disruptions may see less demand as those disruptions ease, according to the report.
McCandless said in the report that the company can continue to grow for a couple of years without going public and may do an IPO in 2023 or 2024.
“We have enough capital on our balance sheet without doing an IPO to grow while continuing to innovate,” McCandless told the WSJ.
In a statement provided to PYMNTS, project44 said: “project44 has prepared the company operationally to be a public business in the future. We view an IPO as a financing event and milestone, not a final destination. It is our intent to successfully operate this business for many centuries.”
In the press release announcing the new funding round, McCandless said that the data feeds project44 delivers to its customers enable them to improve their inventory management, customer experience and supply chain resiliency.
“We will continue to deliver incredible value for our customers, no matter what challenges or opportunities 2023 brings,” McCandless said in the release.
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