Ingka Investments, part of the Ingka Group, has invested close to £12m (US$16m) in postal addressing system provider what3words that will be used to launch the solution in new international markets while continuing to develop partners within the e-commerce and logistics sector.
Krister Mattsson, managing director of Ingka Investments, said, “We are delighted with this new investment in what3words as they are an innovative company, and we are confident of their continued growth. 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 traveled, reducing the carbon footprint of home deliveries.”
what3words aims to solve the problem of poor and inaccurate addressing in both developing and developed countries alike. It has divided the world into a grid of 3m squares and given each square a unique combination of three words – a what3words address. For example, ///filled.count.soap will take you to the exact front door to what3words’ London office.
Unlike a regular street address, which points to a street or building, what3words allows people to specify a very precise location such as a side door or utility entrance. With reliable and highly accurate location information, more first-time deliveries are successful, negating the need for drivers to ask for additional directions and thereby improving both the customer and driver experience, while reducing CO2 emissions and vehicles on the road, according to what3words.