Unique universal addressing system to simplify location sharing
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Web Analytics / Big Data
Founded in 2013
€20-50mn in revenues
Published on 2016-07-18 16:37:03
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© Go4Venture 2017. Source: Go4Venture HTI Database
HUB > Companies > what3words
From last funding transaction in Jun-2016.
"Founded in 2013, what3words aims to improve location accuracy and increase delivery logistics efficiency by replacing zip codes/postcodes with a universal alternative. The company has carved the global map into 57 trillion 3mx3m squares and assigned each a unique string of three words. The platform is available on web and mobile apps and can also work in offline mode. The company generates revenue by licensing three word addresses to latitude and longitude conversion tools, delivery/courier and logistics software providers and address verification platforms. Apart from country based pricing, the company also provides free and discounted usage plans for low volume usage for individuals and organisations.
The company has partnered with a number of digital travel tools, ranging from offline hiking maps that utilise the what3words system as a navigation device to a house-rental service in Brazil for the Rio Olympics. In May, 2016 Mongolia’s state owned postal delivery service adopted what3words as a national addressing standard.
Headquartered in London, what3words employs 50 people and generates annual revenue of around $1.4mn (€1.2mn). The platform is currently available in 10 languages and is being used in more than 170 countries. Its key customers include Allies, Blackbay, Esri, TripGo, Mapillary, Navmii, PocketEarth and Streetmap.co.uk. The company claims that it helped UK firm Direct Today Couriers to reduce the number of failed deliveries by 83 per cent.
Key competitors include Egypt-based LocName, a global addressing system which simplifies addresses by giving them short unique names – it raised $15k (€0.7k) in a seed round backed by Flat6Labs in January 2014; Lebanon-based Eddress, an addressing system which simplifies address by turning it into a 6 character code – it raised $215k (€156k) in May 2015 through angel funding and India-based Zippr, which converts an address into a four alphabet and four number code – it raised $982k (€774.9k) from the Indian Angel Network through seed funding in October 2014."
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Corporate VC Fund
Seed Fund/Super Angel