Project44 just landed a new round of funding from some big names to grow its logistics tech business.
Project44 announced Tuesday that it has raised $35 million in a new round led by Boston-based VC firm OpenView. San Francisco-based 8VC---which has backed companies like Oculus and Hyperloop One---eBay founder Pierre Omidyar’s Omidyar Technology Ventures, Chicago Ventures and Pritzker Group Venture Capital also participated in the round.
The startup has now raised $48 million since launching in 2014.
Companies use project44's software to help track shipments. It helps manufacturers, retailers, trucking companies and suppliers communicate with the rest of the supply chain in real-time, and its customers include GE Transportation, Steelcase, Echo Global Logistics and RR Donnelley. The startup says revenue has grown over 400 percent in the last year.
“Our goal from day one has been to create opportunities for individuals, companies, and communities by reimagining how to execute in a way that hasn’t been done before,” project44 CEO and Founder Jett McCandless said in a statement. “We’ve sought out the best investors to accelerate our ability to help global enterprises turn dynamic data into transportation opportunities, creating a more productive and successful world.”
With the funding comes some serious hiring plans for project44. The startup, which has 80 employees currently, expects to bring on 200 additional workers over the next 18 months as it expands its services into Europe and Asia. The new round values the company at more than $100 million, which was first reported by the Wall Street Journal and confirmed by Chicago Inno.
Project44 is one of a handful of venture-backed logistics startups in Chicago. Chicago-based FourKites raised a $35 million round of its own in February for its technology that helps trucking companies predict shipping times. And in 2017, local startup Shipbob raised $17.5 million to handle shipping and logistics for e-commerce brands.
