Logistics software maker Project 44 raises $35 million
Logistics software companies continue to be one of the hottest sectors of Chicago's startup economy.
Project44 raised another $35 million, led by Boston-based investor OpenView. The deal comes just a couple of months after Four Kites, another Chicago-based logistics software company, raised $35 million. Last summer, ShipBob, a supply-chain services and technology company for small businesses, raised $17.5 million. "It's great to see the Chicago entrepreneurial community continuing to grow and lead in another sector," said Vic Pascucci, a veteran of the startup scene here who is managing partner of Lightbank, a venture fund launched by Groupon co-founders Brad Keywell and Eric Lefkofsky. The fund isn't involved in any of the deals.
The company is growing fast. It now has about 80 employees, about half of them in technology roles, said McCandless. He expects to hire another 200 within about 18 months. Project44 has built an impressive customer list that includes GE Transportation, Uline, Technicolor, ABB, Steelcase, Echo Global Logistics, R.R. Donnelley, Worldwide Express, Schneider Logistics and GlobalTranz.
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