Funding round
project44 Growth
Reported as "Growth Equity"
project44, which works in decision intelligence platform solutions in Chicago, raised $45M in a Growth round announced on 1 Oct 2018, led by Sapphire Ventures. 8 firms took part, 6 of them already investors. It is project44's third venture round on record; the one before was a Growth in Apr 2018.
$45M
Amount raised
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
project44 did not disclose a valuation in this round. It came 6 months after project44's Growth. It is 5.0% of the $893M project44 has raised in the venture rounds on record. project44 raised again 26 months later: a Series D round of $100M in Dec 2020. Its next priced round, a Series E in Jun 2021, valued it at $1.20B.
project44's funding rounds
project44 has 7 venture rounds on record. This one is highlighted.
- Series A 12 Sep 2016, led by Emergence Capital and Chicago Ventures $11M
- Growth 18 Apr 2018, led by OpenView $35M
- Growth this round 1 Oct 2018, led by Sapphire Ventures $45M
- Series D 21 Dec 2020, led by Insight Partners $100M
- Series E 1 Jun 2021, led by Goldman Sachs Asset Management and Emergence Capital $202M$1.20B post-money
- Growth 11 Jan 2022, led by Thoma Bravo, TPG and Goldman Sachs $420M
- Series F 3 Nov 2022, led by Generation Investment Management and A.P. Moller Holding $80M$2.70B post-money
Investors
Who put money in
Sapphire Ventures led the round with 7 other firms. 8VC, Chicago Ventures, Emergence Capital and Omidyar Technology Ventures and 2 more had backed project44 before.
Lead investor
- Sapphire Ventures backs 148 venture-backed companies new investor
Also in the round
- Insight Partners backs 548 venture-backed companies new investor
- 8VC existing investor
- backs 37 venture-backed companies existing investor
- backs 96 venture-backed companies existing investor
- backs 6 venture-backed companies existing investor
- backs 44 venture-backed companies existing investor
- backs 42 venture-backed companies existing investor
Joined the board: Kevin Diestel (Sapphire Ventures).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
205 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $40M, and this round was close to the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 29 Oct 2018 | $3.00B | $75.00B | SoftBank |
| Tanium Tech Companies | 2 Oct 2018 | $200M | $6.50B | Wellington Management |
| Tech Companies | 26 Oct 2018 | $130M | $1.60B | not named |
| Tech Companies | 17 Oct 2018 | $110M | not disclosed | not named |
| Assent Tech Companies | 24 Oct 2018 | $100M | not disclosed | Warburg Pincus |
| Tech Companies | 10 Oct 2018 | $75M | not disclosed | Goldman Sachs |
| Tech Companies | 16 Oct 2018 | $67M | $175M | Summit Partners |
| Tech Companies | 24 Oct 2018 | $62M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did project44 raise in its Growth round?
project44 raised $45M in its Growth round, announced in Oct 2018.
Who led project44's Growth round?
Sapphire Ventures led it, with Insight Partners, 8VC, Chicago Ventures, Emergence Capital and Omidyar Technology Ventures and 2 more.
What was project44's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Tech Companies?
205 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $40M, and this round was close to the median.
Did project44 raise again after this round?
Yes: a Series D round in Dec 2020 of $100M.