project44 is Doubling Down on Our Commitment to Sustainability with a Strategic Investment Led by Generation Investment Management and A.P. Moller Holding

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Today project44 announced a new round of strategic funding totaling $80 million led by Generation Investment Management and A.P. Moller Holding. This latest funding brings our valuation to $2.7 billion, up 12% since January 2022 despite a widespread downturn in B2B SaaS valuations. Even more importantly though, this investment signals our strong and continued commitment to our vision of building a more sustainable supply chain.

CMA CGM also participated in this round along with previous investors Goldman Sachs, TPG, Emergence Capital, Chicago Ventures, Sapphire, 8VC, Sozo Ventures, and Omidyar Technology Ventures. 

New investors will allow project44 to streamline our access to ocean data while continuing to remain neutral in our relationships with carriers. 

Why now?

At a time when climate crises are on the rise and global emissions continue to swell, investing in building a sustainable supply chain is more important than ever. 

60% of carbon emissions come from a company’s supply chain. But most companies focus on improving facilities and electricity when those only account for 10% of their emissions. And, according to data from Accenture, just 16% of companies currently measure their Scope 3 emissions at an advanced level. 

Achieving greener, cleaner supply chains lies in first measuring and then reducing Scope 3 supply chain emissions. And as the industry leader in supply chain visibility, we’re uniquely positioned to help shippers, LSPs and carriers do just that. 

This additional funding will drive several key initiatives for project44 including helping our customers measure and mitigate supply chain emissions globally – across all regions and modes of transportation. And in doing so, will empower our customers to optimize not just for cost and performance, but for emissions as well. 

Emissions visibility will also prepare project44’s customers to meet new carbon reporting requirements under International Maritime Organization (IMO) 2023 and the European Union’s proposed corporate sustainability reporting directive (CSRD), which calls for companies to measure and report Scope 3 emissions. 

Together, we can make progress towards measuring, tracking, and reducing freight transportation emissions with global visibility offered from the project44 platform: 

  • Data: Utilize your existing world-class visibility data through project44 to calculate highly accurate freight transportation emissions.
  • Visibility: Gain visibility into your historic and current carbon footprint by mode, country, lane, and carrier – all with shipment-level granularity.
  • Workflow: Actively reduce your footprint by incorporating carbon emissions into your tendering process for carrier evaluation and selection. 

We know that tackling global climate objectives won’t be easy, but we also understand that meeting these goals is one of humanity’s biggest opportunities. Together we can work towards achieving greener and cleaner supply chains. 

You can learn more about today’s announcement here.

Ready to build a more sustainable supply chain?