Funding round
project44 Series F
project44, which works in decision intelligence platform solutions in Chicago, raised $80M in a Series F round announced on 3 Nov 2022, led by Generation Investment Management and A.P. Moller Holding, at a $2.70B post-money valuation. 11 firms took part, 9 of them already investors. It is project44's seventh venture round on record; the one before was a Growth in Jan 2022.
$80M
Amount raised
$2.70B
Post-money valuation
$2.62B pre-money
11
Investors
2 leads
2.3x
Step-up from the Series E
$1.20B in Jun 2021
3.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced project44 at $2.70B after the new money, 2.3 times the $1.20B of its Series E (Jun 2021). The $80M bought investors about 3.0% of the company. It came 10 months after project44's Growth. It is 9.0% of the $893M project44 has raised in the venture rounds on record. No later venture round is on record for project44.
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 11 Jan 2022, led by Thoma Bravo, TPG and Goldman Sachs $420M
- Series F this round 3 Nov 2022, led by Generation Investment Management and A.P. Moller Holding $80M$2.70B post-money
Investors
Who put money in
Generation Investment Management and A.P. Moller Holding led the round with 9 other firms. Generation Investment Management, Goldman Sachs Asset Management, TPG and Emergence Capital and 5 more had backed project44 before.
Lead investors
- Generation Investment Management existing investor
- backs 12 venture-backed companies new investor
Also in the round
- CMA CGM new investor
- Goldman Sachs Asset Management existing investor
- TPG backs 114 venture-backed companies existing investor
- backs 96 venture-backed companies existing investor
- backs 37 venture-backed companies existing investor
- Sapphire Ventures backs 148 venture-backed companies existing investor
- 8VC existing investor
- backs 39 venture-backed companies existing investor
- backs 6 venture-backed companies existing investor
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
24 Series F rounds in Tech Companies within a year either side disclosed an amount; the median was $170M, and this round was 47% of the median. The closest in time, other companies' Series F rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Dataiku Tech Companies | 13 Dec 2022 | $200M | $3.70B | Wellington Management |
| Tech Companies | 27 Oct 2022 | $170M | $1.50B | Georgian |
| Tech Companies | 3 Oct 2022 | $146M | not disclosed | Goldman Sachs |
| Contentsquare Tech Companies | 21 Jul 2022 | $600M | $5.60B | Sixth Street |
| Devo Tech Companies | 2 Jun 2022 | $100M | $2.00B | Eurazeo |
| Tech Companies | 14 Jun 2022 | $83M | $1.10B | Silver Lake Waterman |
| Chainalysis Tech Companies | 12 May 2022 | $170M | $8.60B | GIC |
| Motive Tech Companies | 25 May 2022 | $150M | $2.85B | Insight Partners and Kleiner Perkins |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did project44 raise in its Series F round?
project44 raised $80M in its Series F round, announced in Nov 2022.
Who led project44's Series F round?
Generation Investment Management and A.P. Moller Holding led it, with CMA CGM, Goldman Sachs Asset Management, TPG, Emergence Capital and Chicago Ventures and 4 more.
What was project44's valuation at the Series F round?
$2.70B post-money ($2.62B pre-money).
How does it compare with other Series F rounds in Tech Companies?
24 Series F rounds in Tech Companies within a year either side disclosed an amount; the median was $170M, and this round was 47% of the median.