{"id":41942,"date":"2021-03-25T16:00:45","date_gmt":"2021-03-25T16:00:45","guid":{"rendered":"http:\/\/icloud.pe\/blog\/?guid=c5d8d9bef57c36e99059fc57f4ce071d"},"modified":"2021-03-25T16:00:45","modified_gmt":"2021-03-25T16:00:45","slug":"ikea-owner-invests-12m-in-london-based-startup-what3words","status":"publish","type":"post","link":"https:\/\/icloud.pe\/blog\/ikea-owner-invests-12m-in-london-based-startup-what3words\/","title":{"rendered":"Ikea-owner invests \u00a312m in London-based startup what3words"},"content":{"rendered":"


\n Zach Marzouk<\/a><\/span>
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25 Mar, 2021<\/span><\/div>\n<\/p><\/div>\n<\/div>\n

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Ingka Investments, owner and operator of 389 Ikea stores and e-commerce across 32 countries, has invested close to \u00a312 million\u00a0in London-based tech startup what3words.<\/p>\n

What3words technology\u00a0divides\u00a0the world into a grid of 3-metre squares, with\u00a0each square being assigned a\u00a0unique combination of 3 words that can be used to pinpoint the area to a high degree of accuracy. This has a number of use cases, including helping emergency services locate 999 callers<\/a>\u00a0in locations that are difficult to describe, such as a remote hillside.<\/p>\n

Ingka said that the technology would prove useful with efforts to reduce\u00a0CO2 emissions and reduce the number of vehicles on the roads\u00a0by ensuring more first-time deliveries are successful.<\/p>\n

\u201cAs we look to a future of drone deliveries and autonomous vehicles, the system, also designed for voice entry, will provide the accuracy needed,\u201d it added.<\/p>\n

The investment is set to launch the startup<\/a>\u00a0into new international markets while continuing to develop partners within the e-commerce and logistics sector.<\/p>\n

Krister Mattsson, managing director of Ingka Investments, said: \u201cWe 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<\/a>, scalable and sustainable solutions are becoming increasingly important.<\/p>\n

\u201cWe 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<\/a>.\u201d<\/p>\n

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Ingka Investments has invested in what3words %uD83C%uDF89<\/p>\n

The #investment<\/a> from @IngkaGroup<\/a>, which owns and operates 389 IKEA stores and e-commerce in 32 countries, will help us bring what3words to new markets and support the growth of our e-commerce and logistics partnerships %uD83D%uDE80#startup<\/a> pic.twitter.com\/g7wbxmEXwU<\/a><\/p>\n

— what3words (@what3words) March 24, 2021<\/a><\/p>\n<\/blockquote>\n