what3words secures close to £12m in Series B follow on funding from Ingka Investments to expand internationally.
Ingka Investments backed the latest round to help the location technology firm scale into new global markets.
what3words operates a global addressing system that divides the planet into a grid of three metre squares, each designated by a unique combination of three words. The technology allows precise locations to be communicated easily for deliveries, emergency services and everyday navigation.
London based location technology firm what3words has secured close to £12m in a Series B follow on investment. The round was provided by Ingka Investments, the investment arm of Ingka Group. The capital will be used to support the company as it launches in new international markets and expands its partnerships across the e-commerce and logistics sectors. This latest backing follows previous support from investors such as Intel, Aramex, Deutsche Bahn, SAIC and the Sony Investment Fund.
From the founder
"what3words ambition is to become a global standard for communicating location"
Chris Sheldrick
CEO and co-founder at what3words
Investor perspective
"We are delighted with this new investment in what3words as they are an innovative company and we are confident of their continued growth. With an increasing demand for home deliveries, scalable and sustainable solutions are becoming increasingly important. We see value in helping to support the build-up of a universal addressing system that can lead to better customer experience, while the precise locations will allow for a reduction in overall miles travelled, reducing the carbon footprint of home deliveries,"
Krister Mattsson
Managing Director, Ingka Investments
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
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About the company
what3words
what3words provides a precise global addressing system based on a grid of three metre squares.