Goldman-backed project44 valued at $2.7 bln in latest funding round

Nov 3 (Reuters) - U.S.-based supply chain management technology company project44 said on Thursday it was valued at $2.7 billion after its latest funding round that also saw participation from existing investor Goldman Sachs Asset Management.

The $80 million funding round was led by investment firms Generation Investment Management and A.P. Moller Holding, while buyout firm TPG (TPG.O), venture capital firm Emergence Capital and others also participated.

Project44 said the funds will be used to measure and reduce emissions across its global supply chain.

Founded in 2014, Chicago-based project44 lets shippers, carriers, and logistics professionals manage supply chains.

Its customers include Coty Inc (COTY.N), Baker Hughes Co (BKR.O) and Nordstrom Inc (JWN.N).

The COVID-19 pandemic set off a crisis in global supply chains, which has also worsened inflation and put pressure on central banks to tame price hikes.

Though the supply chain bottlenecks have lately shown some signs of improving, experts have suggested there is a long way to go before they loosen more significantly.

Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D'Souza

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