Chicago's unicorn herd is growing yet again.
Project44, a Chicago logistics startup, announced Tuesday that it has raised $202 million in new funding at a $1.2 billion valuation. Goldman Sachs led the round, along with Emergence Capital. Project44's existing investors Insight Partners, Sapphire, 8VC, Chicago Ventures and Sozo also increased their investment in the startup with the latest round, the company said.
Project44 has now raised $442.5 million since it launched in 2014. It last raised $100 million in late 2020.
Project44 provides software to shippers and third-party logistics firms to help them track their shipments and communicate with the supply chain in real time. With its technology, companies can bring an "Amazon-like" shipping experience to their customers by improving logistics efficiencies and reducing costs.
The startup has over 550 customers, including Amazon, P&G, Starbucks and Unilever, helping companies have better visibility into their shipping process. Project44 was used during the recent Suez Canal incident, allowing customers to have more insight into the bottleneck and logistics breakdown, the company said.
Project44 is at least the fifth Chicago startup to reach unicorn status — a company with a $1 billion or higher valuation — in 2021. It joins ActiveCampaign, Amount, Cameo and Enfusion.
