‘Alternative to postcodes’ start-up raises $500,000 seed funding
what3words claims to pinpoint any location in the world based on combination of 3 words
London-based tech start-up what3words has closed a $500,000 seed funding round from a group of tech angels.
Launched in July by Jack Waley-Cohen and Chris Sheldrick, what3words claims to offer a new alternative to postcodes, using a location-pinpointing combination of words – such as answer.shuts.finely – which represent a 3x3m square of the globe.
The service promises accuracy to the nearest two metres and claims the service will make businesses’ addresses easier to remember than traditional postcodes.
Users are able to purchase refined one-word strings to represent their address, and the service claims to have sold 25,000 of these since launching, with 12,000 app downloads.
The $500,000 seed funding will go towards refining the platform for businesses across the UK.
The seed backing includes input from Guy Westlake, head of marketing at Startups 100 2012 winner Shutl. Westlake said: “what3words shares much in common with Shutl, not least the fact that they both straddle B2B and B2C markets.
“I believe it’s a very exciting space to be in, and am delighted to put my experience to use and help the team navigate the challenges ahead.”