GHG Emissions, Finance - November 4, 2022
Project44 Raises Funding to Accelerate Emissions Visibility
project44, a supply chain visibility platform, announced that it raised an $80 million funding round led by Generation Investment Management, the sustainable investment management firm, and A.P. Moller Holding, a privately held investment company, based in Denmark.
The additional funding will drive several key initiatives including measuring and mitigating supply chain emissions globally, across all modes of transportation. This funding will enable project44 to build a system for measuring Scope 3 supply chain emissions across all regions and modes of transportation and will empower shippers and freight forwarders to optimize cost, performance and emissions together.
Emissions visibility will also prepare project44's customers to meet new carbon reporting requirements under International Maritime Organization (IMO) 2023 and the European Union's proposed corporate sustainability reporting directive (CSRD), which calls for companies to measure and report scope 3 emissions.
"When uncertainty from supply chain disruptions, inventory costs and economic policy is at an all-time high, project44 continues to deliver lasting business value to our customers," said Jett McCandless, Founder & CEO of project44 in a statement. "This latest round of funding will accelerate our ability to connect all parties across the supply chain ecosystem and deliver the highest quality supply chain and emissions visibility data to our shipper, freight forwarder and LSP customers. With these data feeds, our customers are able to outperform their competitors by managing inventory better, delivering an exceptional customer experience and building a more predictable and resilient supply chain."