Funding round
project44 Growth
Reported as "Growth Equity"
project44, which works in decision intelligence platform solutions in Chicago, raised $420M in a Growth round announced on 11 Jan 2022, led by Thoma Bravo, TPG, Goldman Sachs and Goldman Sachs Asset Management. 11 firms took part. It is project44's sixth venture round on record; the one before was a Series E in Jun 2021.
$420M
Amount raised
Not disclosed
Post-money valuation
11
Investors
4 leads
Valuation
What this round says about the price
project44 did not disclose a valuation in this round; its last disclosed one was $1.20B at the Series E (Jun 2021). It came 7 months after project44's Series E. It is 47% of the $893M project44 has raised in the venture rounds on record. project44 raised again 10 months later: a Series F round of $80M in Nov 2022, at $2.70B post-money.
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 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 this round 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
Thoma Bravo, TPG, Goldman Sachs and Goldman Sachs Asset Management led the round with 7 other firms.
Lead investors
- backs 19 venture-backed companies new investor
- TPG backs 114 venture-backed companies new investor
- Goldman Sachs backs 218 venture-backed companies new investor
- Goldman Sachs Asset Management
Also in the round
- backs 96 venture-backed companies new investor
- Insight Partners backs 548 venture-backed companies new investor
- backs 37 venture-backed companies new investor
- Generation Investment Management new investor
- Sapphire Ventures backs 148 venture-backed companies new investor
- backs 39 venture-backed companies new investor
- Sixth Street backs 34 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
443 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $58M, and this round was 7.2 times the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Animoca Brands Tech Companies | 18 Jan 2022 | $359M | $5.00B | Liberty City Ventures |
| Assent Tech Companies | 6 Jan 2022 | $350M | $1.00B | Vista Equity Partners |
| Tech Companies | 26 Jan 2022 | $295M | $2.70B | not named |
| Fever Tech Companies | 26 Jan 2022 | $227M | $1.00B | Goldman Sachs and Goldman Sachs Asset Management |
| Tech Companies | 12 Jan 2022 | $190M | $1.20B | Advent International and Insight Partners |
| Tech Companies | 14 Jan 2022 | $161M | not disclosed | not named |
| NEAR Tech Companies | 13 Jan 2022 | $150M | not disclosed | Three Arrows Capital |
| Tech Companies | 21 Jan 2022 | $150M | not disclosed | Vista Equity Partners |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did project44 raise in its Growth round?
project44 raised $420M in its Growth round, announced in Jan 2022.
Who led project44's Growth round?
Thoma Bravo, TPG, Goldman Sachs and Goldman Sachs Asset Management led it, with Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management and Sapphire Ventures and 2 more.
What was project44's valuation at the Growth round?
It was not disclosed; its last disclosed one was $1.20B at the Series E (Jun 2021).
How does it compare with other Growth rounds in Tech Companies?
443 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $58M, and this round was 7.2 times the median.
Did project44 raise again after this round?
Yes: a Series F round in Nov 2022 of $80M at $2.70B post-money.