+26%

est. 2Y upside i

Series D+

Supply chain visibility platform for real-time freight tracking

Rank

#1485

Sector

Supply Chain Tech

Est. Liquidity

~3Y

Data Quality

Data: Medium

With a 25.5% expected upside over 2 years, the equity at project44 offers moderate potential but is heavily burdened by a $912M preference stack (82% of entry value) and high incumbent threat.

Last updated: July 3, 2026

Bull (15%)+100%

IPO window opens, multiple expands to 10x on $328M revenue, yielding $2.37B common equity after $912M preference, a 100% upside from $1.11B entry.

Base (45%)+54%

Multiple converges to 8x on $328M revenue, common equity $1.71B, a 54% upside.

Bear (40%)-35%

Multiple compresses to 5x due to incumbent threat, common equity $0.73B, a 35% loss.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

82%

Total funding of $912M is 82% of entry common valuation, creating a large preference overhang.

Dilution Risk

low

Positive operating cash flow reduces likelihood of dilutive financing.

Secondary Liquidity

moderate

Implied secondary valuation of $1.11B indicates some liquidity, but volume may be limited.

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

    “How does project44's network effect defend against SAP's entry into supply chain visibility?”

  • 2

    “What is the customer retention rate and how does the tiered pricing model scale with volume?”

  • 3

    “Given the preference stack, how would you evaluate the potential dilution from future rounds?”

Community

Valuation Sentiment

Our model estimates +26% upside. What do you think?

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