Ingka Investments representatives declined to comment on the exact figure.
The investment is slated to help what3words make new inroads into new international markets as well as continue to develop partners in the e-commerce and logistics sector.
“With an increasing demand for home deliveries, scalable and sustainable solutions are becoming increasingly important. We see value in helping to support the build-up of a universal addressing system that can lead to better customer experience, while the precise locations will allow for a reduction in overall miles travelled, reducing the carbon footprint of home deliveries,” says Ingka Investments Managing Director Krister Mattsson.
Unlike a traditional street address that only provides a one dimensional location, what3words has developed a system that allows for an extremely precise location; a side door or utility entrance, for example.
Likewise, billions of individuals around the world live without an address or an address not fit for purpose. what3words solution tosses the legacy system out the window and has divided the globe into a grid of 3 metre squares, each with its own combination of three words. For example, ///hours.pure.hoping will take you directly to the office of the Prime Minister in the UK. The irony of this address is not lost on your author.
This (almost) pinpoint accuracy has huge potential in the logistics sector, as more first-time deliveries are successful, improving both the customer and driver experience, while at the same time reducing CO2 emissions and vehicles on the road. A 2017 study found a 30% reduction in time spent on the road in the last mile through the usage of what3words technology.