Funding round
project44 Series D
project44, which works in decision intelligence platform solutions in Chicago, raised $100M in a Series D round announced on 21 Dec 2020, led by Insight Partners. 8 firms took part, 1 of them already investors. It is project44's fourth venture round on record; the one before was a Growth in Oct 2018.
$100M
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 26 months after project44's Growth. It is 11% of the $893M project44 has raised in the venture rounds on record. project44 raised again 6 months later: a Series E round of $202M in Jun 2021, at $1.20B 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 this round 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
Insight Partners led the round with 7 other firms. Insight Partners had backed project44 before.
Lead investor
- Insight Partners backs 548 venture-backed companies existing investor
Also in the round
- 8VC new investor
- backs 96 venture-backed companies new investor
- backs 6 venture-backed companies new investor
- Sapphire Ventures backs 148 venture-backed companies new investor
- backs 39 venture-backed companies new investor
- backs 44 venture-backed companies new investor
- Omidyar
Joined the board: Ross Devor (Insight Partners).
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
199 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $80M, and this round was 1.3 times the median. The closest in time, other companies' Series D rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 17 Dec 2020 | $150M | not disclosed | not named |
| Tech Companies | 10 Dec 2020 | $130M | not disclosed | Insight Partners |
| Tech Companies | 21 Dec 2020 | $65M | $1.00B | Tiger Global |
| Tech Companies | 28 Dec 2020 | $61M | not disclosed | CICC Alpha |
| Tech Companies | 10 Dec 2020 | $8.0M | not disclosed | Carom Growth Partners and Evans Capital |
| Tech Companies | 17 Nov 2020 | $270M | not disclosed | GGV Capital and Access Technology Ventures |
| Tech Companies | 28 Jan 2021 | $168M | $1.40B | Insight Partners and Salesforce Ventures |
| SmartHR Tech Companies | 1 Jan 2021 | $151M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did project44 raise in its Series D round?
project44 raised $100M in its Series D round, announced in Dec 2020.
Who led project44's Series D round?
Insight Partners led it, with 8VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures and Sozo Ventures and 2 more.
What was project44's valuation at the Series D round?
It was not disclosed.
How does it compare with other Series D rounds in Tech Companies?
199 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $80M, and this round was 1.3 times the median.
Did project44 raise again after this round?
Yes: a Series E round in Jun 2021 of $202M at $1.20B post-money.