what3words gets $8.5m funding for unique three-word address system
Listed in the Startups 100 2016 index, the tech business is now preparing for the launch of voice recognition product and global expansion
what3words, an addressing system platform, has completed an $8.5m Series B funding round led by Aramex, alongside Intel Capital, Force Over Mass Capital and Mustard Seed.
Founded in 2013, Startups 100-listed what3words has created a global grid of 57 trillion three metre-by-three metre-squares which each have a unique three-word address.
Currently available in 10 languages and used in more than 170 countries, navigation apps, governments, logistics firms, travel guides and non-government organisations use the platform to find or share a location. In May, Mongolia’s state-owned postal service Mongol Post adopted what3words as its national addressing standard.
Following a $3.5m round in November last year, this latest funding will be used by what3words to launch its voice recognition product, develop its software for several Asian languages and in Arabic, grow its team and expand globally.
Chris Sheldrick, CEO and co-founder of what3words, commented: “Aramex is recognised as one of the most innovative logistics providers in the world, and this partnership will help to propel what3words toward our goal of becoming a global addressing standard.”
Aramex CEO, Hussein Hachem, continued: “We are pleased to be partnering with what3words. By integrating three word addresses into our e-commerce operations across the Middle East, Africa and Asia, we are better able to reach more consumers worldwide, even those in difficult to access locations.”