Ingka Investments announces what3words investment
Ingka Investments, the investment arm of Ingka Group, owner and operator of 389 IKEA stores and e-commerce in 32 countries, has invested close to £12 million in what3words,
The investment will be used to launch what3words in new international markets while continuing to develop partners within the e-commerce and logistics sector.
Krister Mattsson, Managing Director of Ingka Investments says “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 travelled, reducing the carbon footprint of home deliveries”.
what3words has created an innovative solution to the problem of poor and inaccurate addressing which is a problem in both developing and developed countries alike. It has divided the world into a grid of 3 metre 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. Pilot tests show what3words addresses for city deliveries can reduce the time spent on the road in the last mile by up to 30%¹. As we look to a future of drone deliveries and autonomous vehicles, the system, also designed for voice entry, will provide the accuracy needed.
If you think your business can benefit from integrating what3words our team is happy to assist. Get in touch here.