What3words, an addressing platform, has closed an US$8.5m Series B funding round led by global logistics provider Aramex. Aramex operates in 60 countries around the world, and will use what3words in its e-commerce fulfilment operations across the Middle East, Asia and Africa to further enhance its last-mile delivery solutions.
what3words is an address system based on a global grid of 57 trillion 3m x 3m squares, where each square has a unique pre-assigned three-word address. The system is currently available in 10 languages and is being used in more than 170 countries.
Aramex’s integration of the technology into its e-commerce operations demonstrates its commitment to investing in innovative solutions to not only enhance its business operations but to also make the logistics and transportation industry more efficient and effective.
“We are pleased to be partnering with what3words. By integrating three-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,” said Hussein Hachem, CEO of Aramex.
“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.”
Chris Sheldrick, CEO and co-founder of what3words, commented, “We are on a mission to change the way people communicate location, to make the world a more efficient, less frustrating and a safer place with three-word addresses. Aramex is recognized as one of the most innovative logistics providers in the world, and this partnership will help to propel what3words toward our goal of becoming a global addressing standard.”
Aramex’s investment and implementation will rapidly extend what3words’ growing reach in the delivery, logistics and courier industries. In the past few months logistics software provider Blackbay, address verification platform Allies, and the leading supplier of Ireland’s new Eircode system, AutoAddress, have all integrated what3words to increase efficiency and expand their range of customer delivery points. British firm Direct Today Couriers has reduced the number of failed deliveries by 83% since using three-word addresses.
In May, Mongolia’s state-owned postal delivery service Mongol Post adopted what3words as a national addressing standard. Mongolia covers an area nearly the size of the European Union, but has no consistent addressing system to serve its three million citizens.
What3words will use the new investment to launch its voice recognition product in the smartphone, wearables and automotive sectors and develop its three-word address system in several Asian languages. The investment will also support the launch of an Arabic version, growth of its team and further global expansion.
June 29, 2016
