Project44
Deal: $10.5 million Series A
Investors: The round was co-led by Emergence Capital and Chicago Ventures, with participation from Silicon Valley Bank.
What they do: Project44 is a logistics startup that wants to make the supply chain more efficient by using software to help companies track shipments. Launched in 2014, Project44 helps manufacturers, retailers, trucking companies and suppliers communicate with the rest of the supply chain in real-time. By delivering a SaaS network of web service APIs that facilitate communication between global supply chain partners, the startup says it is helping companies avoid supply chain failures, increase efficiency and productivity, and lower costs. Project44 says it has grown 400% year-over-year growth in customer count.
“By eliminating the supply chain’s reliance on poor performing, pre-Internet legacy communication systems like Electronic Document Interchange or static rate tables, and transitioning the industry to web service APIs, we are empowering big box retailers, ecommerce retailers and their logistics providers to deliver goods in the shortest timeframe possible with the highest level of transparency and operational efficiency,” Jett McCandless, Project44 CEO and co-founder, said in a statement.
Other details: The round of funding was co-led by Chicago Ventures and Emergence Capital, and Silicon Valley venture firm that has only done two deals in the Midwest; Project44 is its first Chicago investment. Emergence launched in 2003 and its first investment was in Salesforce.com. The firm has also funded Success Factors, Yammer, Veeva and Box.
“Now more than ever, the global supply chain needs to implement best-in-class SaaS products to support consumers’ rapidly evolving purchasing behavior and expectations for on-demand, transparent services,” added Joe Floyd, principal at Emergence Capital. “As demonstrated by their dramatic growth rate and high level of customer satisfaction, project44 has emerged as the undeniable industry leader, driving the supply chain towards true end-to-end visibility and real-time connectivity.”
