Location technology used on Pebble watch, iOS and Android takes seed funding up to $1.5 million

Technology start-up what3words has closed its second equity fundraising round in five months by banking $1 million.

To coincide with the launch of its iOS and Android applications (apps), what3words has raised further growth capital.

Having launched in July 2013 as a service gridding the world into 3x3m squares and then giving each a unique address of three words, the technology is now also available on the Pebble smartwatch – a device which was funded using Kickstarter.

The apps what3words have now unveiled allow users to buy and move OneWords (personalised locations) so they can share locations easier.

Chris Sheldrick, one part three-man co-founding team, reveals that the technology is courting attention from ‘a number of potential partners, for a plethora of use cases’.

‘We’ve seen a number of different companies take an interest in our platform, from mapping companies to courier and logistics firms, events and festival organisers and more,’ the company CEO adds.

‘Our aim is to see what3words’ three-word and OneWord addresses be an accepted form of input in major navigation apps and online mapping services.’

The $1 million what3words has raised goes alongside the $500,000 it banked back in November 2013. That funding was put towards developing opportunities in e-commerce channels and further building its API to allow developers to build products.

More on seed funding deals:

Steve Caldwell, founder of Crosstek, created the Pebble smartwatch app and says, ‘I wanted to create something that would be unique and useful in a real world setting.

‘I noticed that a what3words watch app hadn’t been created yet, so I used the w3w API to create one.’

The Pebble app provides a way for users to find their unique three-word address wherever they are at one touch of a button.

Investors in the what3words business include Guy Westlake, part of the founding team at Shutl – a business which was sold to eBay last year.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics

Early Stage Funding