project44 Concludes Blockbuster FY 2023 With 51% YoY Growth in Total GAAP Revenue and $2.7 Billion Valuation
The Company Extended its Supply Chain Visibility Leadership with 411 New Customers, Geo and Carrier Network Expansions Tracking $1 Trillion in Customer Inventory Across 181 Countries
project44, the leading supply chain visibility platform, today announced strong financial and operational results for its 2023 fiscal year, which concluded January 31, 2023. The many highlights included the successful launch of project44’s groundbreaking new Movement by project44™ supply chain visibility platform and securing $80 million in funding valuing the company at $2.7B.
“This last year is a testament to the innovation project44’s supply chain visibility capabilities provide to customers, giving them incomparable insights to optimize their operations, inventory and mitigate business disruptions,” said Jett McCandless, founder and CEO of project44. “We continue to efficiently scale and increase the value of Movement for our customers and partners, further enabling their supply chain digital transformation by augmenting our SaaS offerings with new managed services to accelerate time to value.”
In addition to launching Movement by project44, the comprehensive, integrated supply chain visibility platform, project44 reached important milestones in FY 2023 including:
- Adding 411 new customers becoming the de facto supply chain visibility partner of choice for leading brands
- Earned a competitive win rate of 87%, validating the ability to demonstrate and deliver faster and higher ROI
- Tracked $1 trillion in customer inventory across 181 countries enabling customers to gain a competitive advantage leveraging project44’s unparalleled industry breadth, depth, and experience
- Raised $80M of new funding to maximize resources for solving the industry’s most challenging problems
- Received a valuation of $2.7 billion in last funding round due to exceptional customer growth, innovation and market leadership
- Expanded network to 238,000+ active carriers that agreed to project44 terms and conditions with 2.8 million-plus assets tracked, delivering the most complete transportation visibility solution on the market
- Acquired the leading rail visibility company in Europe, Synfioo, providing visibility into over 99% of European rail volume, including wagon-level tracking for 90% of rail cars
- Launched Port Intel, an award-wining port intelligence solution enabling customers to avoid port congestion
- Released Yard Solutions, a comprehensive dock, yard and asset management solution suite to help companies manage both facility appointments as well as manage their facilities
- Launched new value-added services offerings to ensure customers achieve maximum value from their existing as well as new software investments
- Introduced Ocean Flex, a self-service ocean visibility solution that enables small volume ocean shippers and LSPs to gain visibility in a flexible, pay-as-you go model without contracts, commitments, or IT support
- Launched Ocean Emissions Visibility so companies can measure Scope 3 emissions at the shipment level
- Enhanced Last Mile solutions including eCommerce Predictive Delivery Dates to help direct-to-consumer brands drive revenue through increased online conversion and consumer confidence in delivery times
- Expanded international operations with new offices in Australia, Brazil, France, Japan, and Poland to support a growing global customer base and allowing project44 to address the unique supply chain challenges facing each region
The new customers project44 added in FY 2023 represented major brands across multiple industries, including sportswear retailer Foot Locker, technology company Google, CPG brand Kellogg’s, and footwear brand New Balance. project44 serves industry leaders across sectors, including #1 retailer Amazon, #1 chemical distributor Brenntag and #1 ocean carrier Maersk.
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project44 also earned key distinctions from top industry analysts and glowing reviews from trade publications and technology users in FY 2023. The company was the leader in Gartner’s Magic Quadrant of Real-Time Transportation Visibility Platforms. It also was ranked number 1 in FreightWaves’ FreightTech 100 and honored for innovation and disruption within the freight industry. project44 was also ranked the number 1 leader in the G2 Winter 2023 Grid Report for Supply Chain Visibility Software, a distinction the company also earned in the G2 Fall, Summer and Spring 2022 Grid Reports last year. project44 continues to dominate the G2 reports, earning a seven-time consecutive leader streak. project44 was also named to Fast Company ‘s second annual Next Big Things in Tech list which honors technology breakthroughs that promise to shape the future of industries.
What Our Customers/Partners Say
“We are excited to work with project44 using its best-in-class platform, which brings together data across all modes of transportation, no matter where our shipments are – across ocean, rail, our own fleet or third-party fleet,” said Ewout van Jarwaarde, Chief Transformation Officer at Brenntag. “With this transparency of our global supply chain, we can unlock real value for our customers and supply partners, increasing supply chain reliability, optimizing inventory levels end-to-end and driving for the most sustainable supply chain, while gaining further valuable insights into global chemical distribution market trends.”
“Partnering with the project44 team and implementing its visibility solutions into our platform allows us to deliver high-quality data and results,” said Xavier Bour, Global Ground & Rail Leader at CEVA Logistics. “project44 is dedicated to real-time visibility and building true partnerships, evidenced by their commitment to enabling an API interface that suits our needs. We’re excited to see project44’s further network expansion and enhanced tools for visibility.”
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“Our team needs consistent, real-time supply chain visibility in order to supply our customers at the right time and with the right quality of service,” said Andreea Calin, Logistics Operations Transformation Manager at Anheuser-Busch InBev. “Our partnership with project44 is a vital part of our customer centric operations and our success.”
