Funding round
project44 Series E
project44, which works in decision intelligence platform solutions in Chicago, raised $202M in a Series E round announced on 1 Jun 2021, led by Goldman Sachs Asset Management and Emergence Capital, at a $1.20B post-money valuation. 10 firms took part, 5 of them already investors. It is project44's fifth venture round on record; the one before was a Series D in Dec 2020.
$202M
Amount raised
$1.20B
Post-money valuation
$998M pre-money
10
Investors
2 leads
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced project44 at $1.20B after the new money. The $202M bought investors about 17% of the company. It came 6 months after project44's Series D. It is 23% of the $893M project44 has raised in the venture rounds on record. project44 raised again 7 months later: a Growth round of $420M in Jan 2022. Its next priced round, a Series F in Nov 2022, valued it at $2.70B.
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 this round 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
Goldman Sachs Asset Management and Emergence Capital led the round with 8 other firms. Insight Partners, Sapphire, 8VC and Chicago Ventures and 1 more had backed project44 before.
Lead investors
- Goldman Sachs Asset Management new investor
- backs 96 venture-backed companies new investor
Also in the round
- Insight Partners backs 548 venture-backed companies existing investor
- Sapphire existing investor
- 8VC existing investor
- backs 37 venture-backed companies existing investor
- backs 39 venture-backed companies existing investor
- Girteka new investor
- Lineage Logistics new investor
- Goldman Sachs backs 218 venture-backed companies
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 and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
119 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $130M, and this round was 1.6 times the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Gong Tech Companies | 3 Jun 2021 | $250M | $7.25B | Franklin Templeton |
| Tech Companies | 10 Jun 2021 | $220M | $2.10B | SoftBank Vision Fund |
| Wellhub Tech Companies | 29 Jun 2021 | $220M | $2.20B | not named |
| Tech Companies | 15 Jun 2021 | $200M | $2.00B | Silver Lake |
| Tech Companies | 29 Jun 2021 | $125M | $1.00B | Goldman Sachs Asset Management |
| Tech Companies | 16 Jun 2021 | $100M | $1.00B | Insight Partners |
| Chainalysis Tech Companies | 24 Jun 2021 | $100M | $4.20B | Coatue |
| Tech Companies | 24 Jun 2021 | $100M | not disclosed | LLR Partners |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did project44 raise in its Series E round?
project44 raised $202M in its Series E round, announced in Jun 2021.
Who led project44's Series E round?
Goldman Sachs Asset Management and Emergence Capital led it, with Insight Partners, Sapphire, 8VC, Chicago Ventures and Sozo Ventures and 3 more.
What was project44's valuation at the Series E round?
$1.20B post-money ($998M pre-money).
How does it compare with other Series E rounds in Tech Companies?
119 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $130M, and this round was 1.6 times the median.
Did project44 raise again after this round?
Yes: a Growth round in Jan 2022 of $420M.