what3words closes $1m to expand ‘alternative to postcodes’ mapping service
2013 Startups Top 20 company reveals new mobile apps and smartwatch integration
Location mapping start-up what3words, featured in the 2013 Startups Top 20, has today announced that it has secured $1m funding from a group of private investors to advance its growth across the UK.
Launched in July 2013, what3words operates a unique code that divides the world into 57 trillion 3m x 3m grids and names each one with three words from the English dictionary.
For an annual fee, users can purchase ‘OneWord’ upgrades to represent their address or business, so “limit.broom.flip” could soon become “Growing Business”.
The investment, which takes it total funding to date to $1.5m, will be used to enable voice-recognition features within its service and increase the number of languages available.
It will also utilise the finance to expand its sales team.
The tech start-up has timed the announcement with the unveiling of its first native apps for iOS and Android, as well as an app for the Pebble smartwatch to enable precise location sharing “at the touch of a button”.
what3words CEO and co-founder, Chris Sheldrick, said: “We're very excited to have secured a further $1m in funding.
“Addressing is a hot topic at the moment and investors find what we’re doing game-changing, and love that we’re both fun and useful.
“Nearly everyone we’ve spoken to not only gets the concept, but feels that what3words genuinely has the potential to revolutionise address systems the world over.”