Supply chain visibility platform project44 announced today that it has raised $80 million, with funding aimed at driving initiatives including measuring and mitigating Scope 3 supply chain emissions from all modes of transportation.
The funding round was led by Al Gore’s climate-focused investment firm Generation Investment Management and A.P. Moller – Maersk parent company A.P. Moller Holding. The financing values project44 at $2.7 billion.
Jett McCandless, Founder & CEO of project44, said:
“This latest round of funding will accelerate our ability to connect all parties across the supply chain ecosystem and deliver the highest quality supply chain and emissions visibility data to our shipper, freight forwarder and LSP customers.”
Launched in 2014, Chicago-based project44 helps shippers, carriers, and logistics professionals manage supply chains by delivering visibility, workflow, and insights for goods in transit. The platform has grown rapidly, and currently tracks over 1 billion shipments per year, with more than 220,000 ocean, FTL, rail, last mile, air and LTL carriers having agreed to data on behalf of project44’s paying customers.
One of the key initiatives for the company following the funding round will be the development of a system for measuring Scope 3 supply chain emissions across all regions and modes of transportation.
Scope 3 emissions, those emanating from companies’ value chains beyond their control, typically account for the significant majority of companies’ emissions footprint, but are also the most difficult to measure and address.
The new system from project44 comes as enterprises globally are under increasing pressure to track Scope 3 emissions. Last month, the International Sustainability Standards Board (ISSB) of the IFRS Foundation announced that Scope 3 emissions disclosure would be required under its new sustainability reporting standards, which will likely inform the disclosure standards of major regulators globally. Project44 said that emissions visibility will also help its customers meet new carbon reporting requirements under International Maritime Organization (IMO) 2023 and the EU’s proposed corporate sustainability reporting directive (CSRD).
Joy Tuffield, Growth Equity Partner at Generation Investment Management, said:
“In project44, we see a compelling opportunity to bring rigorous measurement and climate accountability to logistics. Many of the world’s biggest shippers have committed to reducing their emissions in line with the Paris Agreement. Soon, they will have the technology to back their words with action.”