Global logistics company Aramex has invested $2.94m as part of a $8.5m Series B funding round with the addressing platform what3words.
Previous investors, Intel Capital and British funds Force Over Mass and Mustard Seed, also contributed to the deal.
what3words is an address system which divides up the world into a grid of 57 trillion 3mx3m squares, where each square has a unique pre-assigned 3-word address.
Aramex said it will use the “what3words” address system in its e-commerce fulfilment operations across the Middle East, Africa, and Asia to further enhance its last-mile delivery solutions.
Aramex has already invested in a number of mobile-based start-ups to improve its last-mile delivery solutions, including Grab and Logisure in India, Shippify in South America and CashBasha in Jordan and Saudi Arabia.
Hussein Hachem, CEO of Aramex, commented: “By integrating 3 word addresses into our e-commerce operations across the Middle East, Africa and Asia, we are now better able to reach more consumers worldwide, even those in difficult to access locations. The partnership is also perfectly aligned with our commitment to becoming a technology-based enterprise. We are always looking for new and innovative solutions to enhance our operations, and for new opportunities to invest in mobile-based start-ups with last-mile delivery capabilities. We look forward to experiencing the benefits what3words’ addressing system will have on our business.”
Chris Sheldrick, CEO and Co-Founder of what3words, added: “Aramex is recognized as one of the most innovative logistics providers in the world, and our partnership will help to propel what3words toward our goal of becoming a global addressing standard.”
what3words said it will use the new investment to launch its voice recognition product in the smartphone, wearables, and automotive sectors and develop its 3-word address system in several Asian languages. The investment will also support the growth of its team and further global expansion.