After becoming a unicorn in 2021, Chicago startup project44 has doubled its valuation after raising new funding to kick off 2022.
Project44 said Tuesday that it has raised $240 million in equity led by an investor group including Thoma Bravo, TPG and Goldman Sachs.
The startup's investor group, which also includes Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire and Sozo Ventures, also purchased $180 million of the firm’s shares from existing investors, according to Bloomberg, bringing the total investment to $420 million.
The deal values project44 at $2.4 billion.
Founded in 2014, project44 provides software to shippers and third-party logistics companies to help them track their shipments and communicate with the supply chain in real time. The startup says it now tracks more than 1 billion packages annually. Its customers include Amazon, P&G, Starbucks and Unilever.
Project44 said it plans to use the new funds on strategic acquisitions and to grow its team, including its offices in Japan, Brazil and China.
The startup's annual recurring revenue reached $100 million last month. It has more than 1,000 total employees and more than 1,000 customers. Project44 said it plans to hire "hundreds" of new employees this year.
Project44's funding comes the same time Foxtrot raised $100 million, putting Chicago's 2022 venture funding off to another hot start.
