Project44, a logistics software provider, has raised $35 million in new funding, the first round since the company’s $10.5 million Series A funding in September 2016.
The Chicago-based firm plans to hire 200 employees, adding to its current staff of 80, and expand its North American rail, trucking and parcel services into ocean shipping and the European and Asian markets, according to a report from The Wall Street Journal.
In the last 12 months, project44 grew revenue by 446%, according to a company statement. Since the 2016 funding round, the firm expanded its North American coverage to include rail and parcel shipments, in addition to full truckload, less-than-truckload (LTL) and Volume LTL.
Advertisement
Project44 develops API technology that links systems between various transportation and logistics providers, in an effort to improve total supply chain visibility for shippers and cargo handlers. The software firm seeks to distill the complexity of a shipment into six universal automations that remedy industry pain points such as pricing, routing, scheduling, tracking, delivery documentation and payments.
OpenView led the financing, with additional investment from new investor 8VC and existing investors Emergence Capital, eBay founder Pierre Omidyar’s firm Omidyar Technology Ventures, Chicago Ventures and Pritzker Group Venture Capital.
