AP Moller Holding has taken a stake in global supply chain platform Project44 to try to step up investments in equity-related projects.
The Danish investment firm has lined up alongside French liner operator CMA CGM and other investors in helping the Chicago-based tech firm raise $80m in funding.
It is among the first investments to be put together by a new equity growth team of the investment arm of the AP Moller Foundation.
AP Moller Holding has hired Chetan Mehta as head of growth equity. He joins from Tybourne Capital, King Street Capital Management and Blackstone Private Equity.
Mehta is tasked with establishing a growth team to oversee the investments, including Project44, a platform for tracking freight transportation emissions.
Mehta said Project44 had “demonstrated its ability to improve supply chain performance and position the industry for a more sustainable future”.
Other investors joining the latest round of funding include sustainable investment firm Generation Investment Management and investment bank Goldman Sachs.
Project44 said the latest funding brings its valuation to $2.7bn, up 12% since January 2022.
The company said it is “on track to profitability without needing to raise additional capital”, adding: “New investors will allow project44 to streamline our access to ocean data while continuing to remain neutral in our relationship with carriers.”
The additional funding will enable it to build a system for measuring Scope 3 supply chain emissions across all regions, it added.
AP Moller Holding is investing more in growth equity, especially targeting later-stage investments, according to chief investment officer Jan Nielsen.
“Within growth equity, we will follow our thematic investment approach and be focused on global trade, demographic changes, the energy transition and circularity,” he said.