Total amount raised
$81.8 Million
Latest funding date
7/1/2023
Location
what3words has successfully raised funds over 18 rounds, with the latest being a Convertible Note. The company is backed by 41 investors, including the most recent, Crowdcube.
Keep reading to explore the intricacies of what3words' fundraising journey and the investors backing this innovative platform.
What Is what3words?
what3words is a mapping technology startup based in London, England, United Kingdom. The company operates in industries such as GPS, Location Based Services, Logistics, Mapping Services, and Navigation. It employs between 101 and 250 people.
what3words offers a unique geocode system that divides the world into 3m x 3m squares, each identified by a unique combination of three words. This innovative approach simplifies location identification for logistics firms and other users.
How Much Funding Has what3words Raised?
- Convertible Note
- Amount Raised: USD 8,842,085
- Date: July 2022
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for expansion and operational needs.
- Equity Crowdfunding
- Amount Raised: USD 5,000,000
- Date: July 2022
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To replicate their strategy globally and make what3words a global standard for location.
- Series Unknown
- Amount Raised: USD 10,000,000
- Date: December 2021
- Lead Investors: Brand Capital International
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their technology and expand market reach.
- Series Unknown
- Amount Raised: USD 12,000,000
- Date: March 2021
- Lead Investors: Ingka Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support their growth and development initiatives.
- Series C
- Amount Raised: USD 7,200,000
- Date: September 2020
- Lead Investors: Ingka Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and enhance their platform.
- Equity Crowdfunding
- Amount Raised: USD 7,235,092
- Date: August 2020
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their user base and improve their technology.
- Series C
- Amount Raised: Not publicly disclosed
- Date: April 2019
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their mapping technology and increase market penetration.
Total Amount Raised: USD 50,277,177. Current Valuation: Not publicly disclosed.
Key Investors
- Brand Capital International
- Details: Brand Capital International is the strategic investment arm of The Times Group, one of India's largest media conglomerates. They focus on leveraging media assets to support the growth of their portfolio companies.
- Investment Focus Areas: Media, Technology, Consumer Brands
- Notable Investments: Byju's, Delhivery, ixigo
- Ingka Group
- Details: Ingka Group is the largest IKEA franchisee, operating IKEA stores in 32 countries. They invest in innovative companies that align with their vision of creating a better everyday life for many people.
- Investment Focus Areas: Retail, Sustainability, Technology
- Notable Investments: Mover Systems, Optoro, Returnly
- Ingka Investments
- Details: Ingka Investments is the investment arm of Ingka Group, focusing on long-term investments that support IKEA's growth and sustainability goals. They aim to create a positive impact on people and the planet.
- Investment Focus Areas: Renewable Energy, Circular Economy, Real Estate
- Notable Investments: Aquion Energy, Heliatek, Terramera
- Future Fifty
- Details: Future Fifty is a UK government-backed program that supports high-growth tech companies. They provide access to expertise, networks, and support to help companies scale rapidly.
- Investment Focus Areas: Technology, Innovation, Growth
- Notable Investments: Not publicly disclosed
- Channel 4 Ventures
- Details: Channel 4 Ventures is the investment arm of Channel 4, a British public-service television broadcaster. They offer media for equity, providing advertising in exchange for equity stakes in high-growth companies.
- Investment Focus Areas: Media, Technology, Consumer Brands
- Notable Investments: Eve Sleep, Pinterest, The Meatless Farm
What's Next for what3words?
what3words is poised for significant growth as it aims to become the global standard for location. With its unique mapping technology already adopted by major companies like DPD, Domino’s Pizza, and Mercedes, the potential for further integration into various industries is immense. The recent £5 million raised through crowdfunding highlights the strong investor confidence and provides the capital needed to expand its global strategy.
Future fundraising opportunities are likely to be abundant, with the company potentially leveraging both crowdfunding platforms and venture capital investments. Strategic partnerships with large corporations could also serve as a valuable source of funding, further solidifying what3words' market position.
However, challenges remain. Achieving global standardization in a competitive market, ensuring widespread adoption across different industries, and maintaining the technology infrastructure to support global usage are significant hurdles. Navigating regulatory and compliance issues in various countries will also be crucial for sustained growth.
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