Total amount raised
$81.8 Millions
Latest funding date
7/1/2023
Location
what3words has successfully raised significant capital through multiple funding rounds, attracting a diverse group of investors. The platform offers a unique way to identify precise locations using a combination of three words.
Keep reading to explore the intricacies of what3words' fundraising journey and the investors backing this innovative platform.
What Is what3words?
what3words, founded in 2013, is headquartered in London, UK. The company was established by Chris Sheldrick, Jack Waley-Cohen, and Mohan Ganesalingam.
what3words divides the world into a grid of 3m x 3m squares, each identified by a unique combination of three words. This innovative system simplifies location identification and communication.
With a growing team, what3words continues to expand its reach and impact globally, making precise location sharing accessible to everyone.
How Much Funding Has what3words Raised?
- Amount Raised: $7.2M
- Date: September 4, 2020
- Lead Investors: Ingka Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand global reach and enhance technology.
- Amount Raised: £12M
- Date: March 24, 2021
- Lead Investors: Ingka Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve service offerings.
- Amount Raised: $10M
- Date: December 14, 2021
- Lead Investors: Brand Capital International
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive international expansion and marketing efforts.
- Amount Raised: £8.4M
- Date: July 12, 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing development and market penetration.
- Amount Raised: £5M
- Date: July 13, 2022
- Lead Investors: Over 7,300 investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To replicate the strategy globally and establish a global standard for location.
- Amount Raised: £7M
- Date: July 11, 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the platform's capabilities and expand its user base.
Total Amount Raised: $47.6M. Current Valuation: Not publicly disclosed.
Key Investors
- Ingka Group
- Details: Ingka Group is the largest franchisee of IKEA stores, operating in over 30 countries. It is part of the larger Ingka Holding, which also includes Ingka Centres and Ingka Investments.
- Investment Focus Areas: Retail, real estate, sustainability.
- Notable Investments: IKEA, Livspace, TaskRabbit.
- Brand Capital International
- Details: Brand Capital International is the strategic investment arm of The Times Group, one of India's largest media conglomerates. It focuses on helping companies expand their presence in the Indian market.
- Investment Focus Areas: Media, technology, consumer brands.
- Notable Investments: Byju's, Grofers, Zomato.
- Channel 4 Ventures
- Details: Channel 4 Ventures is the investment arm of Channel 4, a British public-service television broadcaster. It provides media for equity, helping startups grow through advertising.
- Investment Focus Areas: Media, technology, consumer goods.
- Notable Investments: Pinterest, Eve Sleep, Crowdcube.
- Future Fifty
- Details: Future Fifty is a UK government-backed program that supports high-growth tech companies. It offers access to expert advice and networking opportunities.
- Investment Focus Areas: Technology, innovation, growth-stage companies.
- Notable Investments: Revolut, Deliveroo, TransferWise.
- Over 7,300 Crowdcube Investors
- Details: Crowdcube is a crowdfunding platform that allows individuals to invest in startups and early-stage businesses. It has a large community of investors who support innovative projects.
- Investment Focus Areas: Startups, technology, consumer products.
- Notable Investments: Monzo, BrewDog, Revolut.
What's Next for what3words?
what3words is poised to capitalize on the growing demand for precise location technology. With successful integrations in logistics and automotive industries, the company aims to become the global standard for location identification. This ambition is supported by notable clients like DPD and Jaguar Land Rover, showcasing the vast potential for expansion.
Future fundraising opportunities appear promising, given the recent success of their £5 million crowdfunding campaign. This momentum could attract further investments, enabling what3words to scale operations and enhance its technology. However, challenges such as competition from other mapping services and achieving widespread adoption remain significant hurdles.
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