London-based what3words has followed up on its July launch by closing its first round of angel investment.
The business provides a service which divides the world into 3m x 3m grid squares and then assigns each a unique address using three words from the dictionary.
Having been set up by Chris Sheldrick, Jack Waley-Cohen Michael Dent, the start-up sees opportunities in the e-commerce market for its product.
Amongst the angels contributing to the $500,000 (£311,000) seed funding round is Guy Westlake, head of marketing and early investor at Shutl – a business which recently agreed to be acquired by eBay.
Westlake says, ‘what3words shares much in common with Shutl, not least the fact that they both straddle B2B and B2C markets.
‘I believe it’s a very exciting space to be in, and am delighted to put my experience to use and help the team navigate the challenges ahead.’
More on seed funding deals:
- TouchType secures seed capital
- Scottish inventor nets big backing from seed fund
- Wonga investor backs Archify with seed funding
The funding what3words has secured will be put towards developing opportunities in e-commerce channels and further building its API to allow developers to build products.
Sheldrick, founder and CEO of what3words, comments, ‘From the outset we’ve been focused on bringing onboard the right investors – people who can offer significantly more than just deep pockets.
‘Guy Westlake is a great example of this – his experience and expertise will no doubt prove extremely valuable in the coming months and years.’