The Emergence Award goes to project44
Each year, we give the Emergence Award to a CEO who represents our values and whose company is on the precipice of becoming iconic.
This year, we’re excited to recognize Jett McCandless, founder and CEO of project44. project44 is the leading visibility platform for shippers and logistics service providers.
The global supply chain vulnerabilities exposed during the past two years have impacted almost everyone. Shortages of necessary goods continue to make headlines every week, from household paper products to infant formula to consumer electronics. As a result, shippers across the world have turned to software solutions like project44 to help improve the efficiency and accuracy of their supply chains.
After several years of running successful supply chain and logistics startups, Jett started project44 in 2014 to transform supply chain visibility. Since then, the company has grown to more than 1,000 employees, 10x’ed ARR to $100M+, tracking shipments in 170+ countries, and is executing billions of API calls per day. Today, project44 is valued at $2.4 billion and provides visibility for the world’s largest shippers.
Our Series A investment in project44 in 2016 was my first solo investment at Emergence but it was also Jett’s first time raising capital. In many ways, he took a bigger leap of faith betting on me than I did betting on him.
Over the past six years, we’ve been through a lot together. Executive hires, equity financing, and numerous acquisitions—good times, and tough times. Through it all, it’s been one of the most rewarding experiences of my life watching Jett grow as a leader, as a human, and as of December, as a father.
We cannot wait to see what the future holds for project44 and congratulations on being awarded the Emergence Award.
- Joe Floyd
The Company of the Year Award goes to Doximity
In addition to the Emergence Award, we select one portfolio company to receive our Company of the Year award. This award is meant to recognize the company that had an outsized performance and impact on their industry and community.
We’re excited to present this year’s Emergence Company of the Year award to Jeff Tangney, Co-Founder and CEO of Doximity.
Many refer to Doximity as “LinkedIn for healthcare.” The company has over 80% of U.S. physicians on its platform that regularly use it to exchange messages, conduct telehealth visits, keep up on the latest medical news, and find new career opportunities. Doximity has increasingly become a critical part of the healthcare infrastructure in this country and makes it possible for doctors and other healthcare professionals to deliver better care to their patients.
Beyond making a major difference in people’s lives, Doximity has built an incredible business. In 2021, Doximity recorded revenues of $317 million, grew revenues 79% from the prior year, and at the same time had a free cash flow margin of 37%. And as a sign that it’s making its customers extraordinarily happy, Doximity had net revenue retention of over 170% in its latest fiscal quarter. This is truly one of the rare businesses that does amazingly well while doing tremendously good things.
Perhaps given all of this, it’s not surprising that Doximity had a successful IPO last year, 11 years after the company got started. In fact, Doximity’s IPO was the best performing IPO of 2021 according to Barron’s.
It has been an honor to have worked with Jeff since we led Doximity’s Series A in 2011. Thank you for everything you have done for healthcare, your employees, and your customers. Congratulations on being named Emergence Company of the Year.
- Kevin Spain
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