-30%

est. 2Y upside i

Vertical SaaSSeries D+

Supply chain visibility platform for real-time freight tracking

Rank

#3366

Sector

Supply Chain / Logistics SaaS

Est. Liquidity

~3Y

Data Quality

Data: Medium

project44 is a market leader with genuine data moat but $912M preference stack dominates equity math.

Last updated: March 20, 2026

Bull (20%)+100%

TMS expands, $400M+ ARR, IPO at 12-15x ($5-6B). 2x from $2.7B.

Base (45%)+25%

$300M ARR, IPO at 8-10x (~$3-3.5B). Modest step-up from $2.7B.

Bear (35%)-40%

Freight downturn, SAP/Oracle TMS bundle. Growth <15%, down round. $912M prefs eat exit.

Est. time to liquidity~2.5 years
Adjusted for competitive dynamics: 22% (raw: -30%, adjustment: +5%)

Preference Stack Risk

severe

Funding Intensity

34%

$912M in preferences; sub-$1.1B exit = zero for common.

Dilution Risk

moderate

Approaching breakeven reduces round risk.

Secondary Liquidity

none

No known secondary program.

Other — 20 roles

View all 20 open roles at project44 →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on project44's data — designed to show you've done your homework.

  • 1

    “SAP/Oracle TMS competitive threat?”

  • 2

    “TMS attach rate and land-expand?”

  • 3

    “Tender offer or secondary available?”

Cluster Peers

Expected Upside

Samsara
+41%
FourKites
-16%
project44
-30%
Flexport
-30%

Community

Valuation Sentiment

Our model estimates -30% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.