Logistics unicorn Project44 is gearing up for an acquisition spending spree. Its CEO reveals what he might scoop up next.

<p><img src="https://static5.businessinsider.com/image/6120073d1c47770019e6ada1-1429/20210720_P44_0684.jpg" border="0" alt="Jett McCandless is founder and CEO of project44" data-mce-source="project44" data-mce-caption="Jett McCandless is founder and CEO of project44"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>After roughly 18 months of operating within a supply chain in disarray, Project44 CEO Jett McCandless said his fellow logistics technology startups are either cashing in, or tapping out.&nbsp;</p><p>The <a href="https://www.businessinsider.com/virus-surge-cramps-global-air-freight-holiday-imports-2021-8">barrage of disruptions</a>port congestion, shipment delays, extremely high freight pricesis "causing some entrepreneurs to be tired and just kind of throw the towel in, and they have really great businesses," McCandless told Insider.&nbsp;</p><p>After <a href="https://www.businessinsider.com/logistics-startup-project44-raises-202m-at-12b-valuation-2021-5">raising more than $300 million in two rounds </a>since December, Project44 is squarely in the "cashing in" camp. The Chicago-based startup specializes in bringing much-needed visibility to the traditionally opaque world of shipping container movements.&nbsp;</p><p>Project44 is just one beneficiary of a wave of venture capital funding flowing into logistics. Main competitor Fourkites, data-driven freight brokerage Flexport, trucking tech startup KeepTruckin, and others brought in<a href="https://www.businessinsider.com/logistics-startup-power-players-highest-raising-ceos-2021-6"> rounds of $100 million and above</a> this year. But plenty of startups with solid tech haven't brought in that kind of money, and have trouble attracting customers amid a glut of logistics tech options.&nbsp;</p><p>McCandless is watching those startups closely with acquisitions in mind.</p><p>Project44 has made two acquisitions so far this year in competitor ClearMetal and ocean shipping data specialist Ocean Insights. McCandless expects at least two more in 2021 and between two and 10 next year. He's building a dedicated M&amp;A team of eight to 15 people. Here's what they'll be after.&nbsp;</p><h2>Software that solves a problem&nbsp;</h2><p>Though the current environment for supply chains is unique and will eventually resolve,&nbsp; McCandless said today's issues aren't new and won't end with the pandemic.&nbsp;</p><p>"I think many of the problems we have today, they go through cycles and they may manifest for different reasons in the future, but they tend to always be there," he said. His next few acquisitions will be aimed at cracking the evergreen problems that customers struggle with in any shipping environment.&nbsp;</p><h2>Cultural fit&nbsp;</h2><p>McCandless called Project44 a "generation two logistics company." To him, that speaks to the type of technology the company sells, but also the "hyper growth" he's aiming for. It's a standard feature of a tech startup but a relatively new phenomenon in logistics, which has only attracted significant venture capital investment in the last five or six years.&nbsp;</p><p>He's looking to acquire companies that can benefit from Project44's sales engine and grow just as fast as the mothership, along with teams prepared for that kind of expansion.&nbsp;</p><h2>Extending reach&nbsp;</h2><p>Project44 covers global freight movement, but there's always more data it can add to boost the accuracy of the information it churns out. The company is already making a big bet on first mile visibility by <a href="https://www.businessinsider.com/logistics-startup-project44-raises-202m-at-12b-valuation-2021-5">building up its connections in China's trucking industry,</a> and it's looking to the other end of the supply chain too, to better cater to e-commerce customers.&nbsp;Extending from each end of the supply chain may be a top aim, but Project44's deals won't be a way to buy more market share. McCandless said in the current environmentand <a href="https://www.businessinsider.com/virus-surge-cramps-global-air-freight-holiday-imports-2021-8">with the disruptions still mounting</a> &nbsp; he has a pipeline 40 potential customers long.&nbsp;</p><p><a href="https://www.businessinsider.com/logistics-unicorn-project44-jett-mccandless-acquisition-startup-targets-2021-8#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/navy-seals-military-good-leader-misconceptions-2018-10">Navy SEALs share how being a good leadership is all about balance</a></p>
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