Member Article

Global logistics firm backs addressing platform what3words in seven-figure Series B round

Addressing platform what3words has closed a $8.5m (approx. £6.3m) Series B funding round, led by logistics group Aramex.

Existing investors Intel Capital, as well as British funds Force Over Mass Capital and Mustard Seed also contributed to the investment round, which what3words hopes to put towards development of voice recognition technology and the development of its addressing system in several Asian languages.

The London-based startup has developed its own unique addressing system which it claims simplifies location sharing, with addresses taking the form of a string of three, unique, pre-assigned words.

Currently available in 10 languages, the tech firm’s 3-word addressing system, which splits the world into 57 trillion 3m by 3m squares, is currently in use in more than 170 countries.

The benefits of such a system to a logistics firm are obvious, with Aramex planning to integrate what3word’s addressing system into its ecommerce operations in the Middle East, Africa and Asia.

Speaking about their plans, Hussein Hachem, Chief Executive Officer at Aramex, said: “We are pleased to be partnering with what3words. By integrating 3 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.

“The partnership is also perfectly aligned with our commitment to becoming a technology-based enterprise, looking for new and innovative solutions to enhance our operations. We look forward to reaping the rewards and efficiencies the integration with what3words will create for our business.”

The 3-word addressing system has particular potential in the developing world or in countries that lack a formal addressing format, something recognised by Mongol Post, Mongolia’s state-owned postal service, who have adopted it as their national addressing standard.

Since its launch in 2013, the startup has attracted numerous plaudits and has already been adopted by logistics software provider Blackbay and AutoAddress, who are masterminding Ireland’s new Eircode system.