Project44 becomes the latest FreightTech company to announce layoffs

Project44 announces layoffs

According to the latest news from Charge Culture Media, global supply chain visibility service provider Project44 has confirmed that the company has undergone organizational restructuring and laid off about 130 people, accounting for about 10% of its global workforce.

Project44 is headquartered in Chicago, with teams in 23 offices around the world, including Austin, Amsterdam, Krakow, Paris, Sao Paulo, Shanghai, and Tokyo.

FreightTech has seen several layoffs this year, with digital freight forwarder Flexport laying off 20% of its staff in January, digital freight platform Convoy announcing restructuring and layoffs in February. Embark Trucks, a startup trucking company, laid off 70% of its employees, and traditional load board supplier Truckstop.com laid off an undisclosed number of employees in March.

Jett McCandless, founder and CEO of Project44, said, “During the heyday of technological prosperity, startups could raise millions of dollars in just a few days. As market fluctuations intensify, investors become more cautious. Investors have shifted from a mindset of achieving growth at all costs to focusing on profitable and scalable growth paths.”

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A week ago, Project44 announced that Gartner has named the company the leader in its 2023 Real-Time Transportation Visibility Platform Magic Quadrant for the third consecutive year.

Gartner evaluated nine vendors this year, with Project44 ranking highest in execution and furthest in completeness of vision. This is the first year that a single vendor has ranked highest in execution and furthest in completeness of vision since the report’s inception.

Project44 operates the world’s most trusted end-to-end visibility platform, which tracks over 1 billion shipments annually for more than 1,300 leading brands in various industries, including manufacturing, automotive, retail, life sciences, food and beverage, CPG, and oil, gas, and chemicals.

As a market leader and innovator in Movement GPT, Project44 was ranked first in FreightWaves FreightTech 2023, eight times a customer satisfaction leader in G2’s supply chain visibility grid, and one of the top 100 supply chain partners of SupplyChainBrain in 2022.

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