Total amount raised
$21 Millions
Latest funding date
04/01/2022
Location
Hivemapper has successfully raised funds through multiple rounds, with notable investors including Raj Gokal and Accelerator Ventures. The company operates a community-owned mapping network, leveraging AI-powered insights for fleet management and offering rewards for passive mapping.
Keep reading to explore the intricacies of Hivemapper's fundraising journey and the investors backing this innovative platform.
What Is Hivemapper?
Hivemapper, founded in 2015 by Ariel Seidman and Evan Moss, is a community-owned mapping network based in San Francisco, California. The company operates in the geospatial and navigation industries, focusing on building a better map through community contributions.
Hivemapper leverages a decentralized approach to map-making, allowing users to earn by contributing to the map's coverage and quality. This innovative model aims to create unprecedented coverage, freshness, and quality in mapping.
With a team of 11-50 employees, Hivemapper continues to grow, offering AI-powered insights for fleet management and rewards for passive mapping. The company is dedicated to providing hyper-fresh data, updated more frequently than traditional mapping services.
How Much Funding Has Hivemapper Raised?
- Seed Round
- Amount Raised: $3M
- Date: November 2015
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Hivemapper's community-owned mapping network.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: January 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial funding for early-stage operations and product development.
- Series A
- Amount Raised: $18M
- Date: April 2022
- Lead Investors: Multicoin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of Hivemapper’s mainnet, onboard more map contributors, and deliver the Hivemapper Dashcam.
Total Amount Raised: $21M
Current Valuation: Not publicly disclosed
Key Investors
Here are the major investors in Hivemapper:
- Multicoin Capital
- Details: Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. They led Hivemapper's $18 million Series A round.
- Investment Focus Areas: Cryptocurrencies, tokens, blockchain companies.
- Notable Investments: Helium, Solana, The Graph.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups at various stages. They were the lead investor in Hivemapper's $3 million seed round.
- Investment Focus Areas: Technology startups, early-stage investments.
- Notable Investments: Twitter, Slack, Oculus.
- Craft Ventures
- Details: Craft Ventures is a venture capital firm that invests in early-stage and growth-stage companies. They participated in Hivemapper's Series A round.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Bird, SpaceX, Reddit.
- Solana Capital
- Details: Solana Capital is the investment arm of Solana, a high-performance blockchain supporting builders around the world. They participated in Hivemapper's Series A round.
- Investment Focus Areas: Blockchain technology, cryptocurrency projects.
- Notable Investments: Serum, Mango Markets, Raydium.
- Shine Capital
- Details: Shine Capital is a venture capital firm that invests in early-stage technology companies. They participated in Hivemapper's Series A round.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Ramp, Alloy.
What's Next for Hivemapper?
Hivemapper stands at the cusp of a transformative opportunity with its decentralized mapping network. The global map market, valued at $300 billion, offers immense potential for growth. By onboarding more contributors and delivering the Hivemapper Dashcam, the company aims to democratize map creation and provide hyper-fresh data to various industries.
Future fundraising seems promising, given the successful Series A round and the involvement of high-profile investors. This financial backing could pave the way for further expansion and technological advancements. However, Hivemapper will need to navigate challenges such as competing with established mapping giants and ensuring the quality of user-contributed data.
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