288 new customers, 5 product expansions and launches, and 3 geographic expansions fueled a record-breaking first half of the year for the supply chain visibility company
project44, the connective tissue for the global supply chain, announced strong financial results for their first half of fiscal year 2022, which began January 1, 2022, and ended July 31, 2022, driven by multiple product launches and updates, geographic expansions, and the appointment of several industry veterans to the company’s executive leadership team.
“Global supply chains remain vulnerable to rising inflation, labor shortages and the continued imposing and lifting of regional Covid lockdowns that are further exacerbating inventory shortages and port congestions,” said Jett McCandless, founder and CEO, project44. “Through all of this, project44 has seen continued demand for our technology and ability to execute a more predictable, resilient, and sustainable supply chain in any mode and in any part of the world. We will continue to invest heavily in product and engineering so we can continue building on our H1 success through the rest of the year.”
Record $124.1M in booked ARR, 115% YoY Growth
Following a $202 million Series F funding round led by Thoma Bravo, TPG and Goldman Sachs Asset Management in January 2022 – one of the largest investments in supply chain visibility that valued the company at $2.4 billion – project44 reported a record-breaking H1 financial performance. The company ended the second quarter with $124.1M in ARR bookings for H1 2022, and a 115% YoY growth versus Q2 2021. project44 signed 288 new customers worldwide, including Energizer, Anheuser-Busch InBev Europe and Foot Locker.
“project44 is a critical partner in our ability to navigate even the most complex ocean and truckload tracking requirements,” said Jamie Bragg, chief supply chain officer and executive vice president at Tailored Brands. “From the beginning of our partnership, project44’s breadth and depth of insights have helped us more accurately forecast inventory, manage shipment fluctuations, and avoid potential disruptions to our supply chain. We congratulate them on a successful first half of the year.”
New Rail, Yard and Ocean Solutions for End-to-End Visibility and Sustainability
project44 extended its lead as the world’s most comprehensive multimodal supply chain visibility platform with the introduction of several new products and product expansions in H1 2022. The company acquired Potsdam-based Synfioo – the leading rail visibility company in Europe – to achieve 99% network coverage across the continent, extend visibility for barge, and enhance cold-chain visibility so customers can improve ETAs, reduce costs, maximize on-time deliveries and maneuver around supply chain bottlenecks.
The company launched Convert, a last mile product that leverages machine learning models across 11 billion shipment events to offer highly accurate estimated delivery dates on e-commerce checkout pages prior to a consumer deciding to make a purchase.
Yard Solutions was also released in the first half of the year as a comprehensive set of dock, yard and asset management capabilities – from slot bookings and yard forecasting to real-time reporting – all designed to improve efficiency and automate yard operations from a single platform.
project44 launched Port Intel, the industry’s first and now two-time award-wining port intelligence solution with real-time data on congestion and container flow at all global ports. With Port Intel, shippers, logistics service providers and freight forwarders can manage and mitigate the impacts of today’s ocean turmoil and chaotic supply chains.
The company released several updates to the DriveView mobile application to allow carriers access to 70+ data points about more than 200,000 docks in North America. Customers can now eliminate guesswork when visiting a new dock and plan ahead by viewing hours of operation, checking for yard hazards, and more right at their fingertips, helping to reduce dwell times for drivers and detention fees for shippers at facilities across the country.
Combined, these updates make project44’s network the most comprehensive in the industry. The company is now tracking 155,000 ocean containers a day across 85 carriers, shipments across more than 170 airlines, and more than 4.5 million unique shipments daily over-the-road across 190,000 carriers – representing a 105% growth in OTR YoY.
Expansion in Japan, Australia and France
project44 expanded into the Japanese market with the opening of a new office in Tokyo, setting the stage for continued growth in the region and better monitoring of supply chain movements across the country. The company hired Yuji Kuwahara as general manager and vice president of sales, Kaoru Matsuda as director of solutions engineering and Kazumi Mihashi as director of marketing to drive growth.
project44 also formally announced its expansion into Australia and New Zealand with a new office in Melbourne led by Archival Garcia, vice president and general manager for Australia, New Zealand and Southeast Asia at project44. There, the team will focus on responding to the unique supply chain challenges and intricacies facing customers in Australia and New Zealand.
Most recently, project44 moved its Paris office to a new location to better serve customers, attract talent and expand supply chain visibility across France and the European region. Alexandre Jennaoui, SVP of EMEA, and Emmanuel Condroyer, country manager for France, will continue to lead the company’s operations in France.
“Around the world, supply chains are marked by increased complexities, capacity constraints and demands for more automation and real-time insights,” said Guillermo Muñoz, assistant manager of logistics for Agrosuper. “Meeting those challenges requires a visibility platform that is global in its reach. project44 has proven itself to be a trusted source of global supply chain insights for Agrosuper, and it’s exciting to see their continued geographic expansion across markets.”
Former Salesforce Executive, CIO of the United States named Chief Operating Officer
Vivek Kundra joined the company as Chief Operating Officer to drive overall operational execution and help scale the company through rapid growth. Kundra joined project44 with more than 20 years of experience building teams and scaling organizations, having served as COO at Sprinklr, executive vice president of salesforce and the first Chief Information Officer of the United States, appointed by President Obama.
Industry Recognition and Awards
project44 was named a Leader in the Gartner® Magic Quadrant™ for Real-Time Transportation Visibility Platforms (RTTVP) for the second year in a row. Gartner evaluated 11 vendors in 2022, and project44 was positioned highest for its “ability to execute” and as a leader for “completeness of vision.”
The company has the most overall reviews of any RTTVP vendor on Gartner® Peer Insights™, 78% of which are 5-star reviews. Ninety-four percent of customers are also willing to recommend project44, as of August 2022.
project44 was also named the highest-rated vendor in both market presence and customer satisfaction in the G2 Summer 2022 Grid Report and Momentum Grid for Supply Chain Visibility Software. The company ranked highest in customer satisfaction for the fifth consecutive season, with 93% of users likely to recommend project44.
The company also made SupplyChainBrain’s list of 100 Great Supply Chain Partners for 2022 — joining a select group of companies whose customers recognize them for providing outstanding solutions and services to the industry.
Lastly, project44 earned two product awards for its Port Intel solution. First, the platform was named a Top Supply Chain Project in 2022 by Supply & Demand Chain Executive for delivering bottom-line value to enterprises across a range of supply chain functions. Second, the platform was named Best Innovation Solution at SIL Barcelona 2022, the leading logistics summit for Southern Europe. A panel of journalists recognized Port Intel’s real-time capabilities in helping supply chain professionals proactively plan and respond to changing customer needs.