Aramex partners with 3 word addressing system “what3words”
Aramex, a leading global provider of comprehensive logistics and transportation solutions, today announces that it has invested US $2.94 million as part of a US $8.5 million Series B funding round with what3words, the multi-award winning addressing platform.
This investment comes to further enhance Aramex’s global e-commerce operations. Previous investors, Intel Capital and British funds Force Over Mass and Mustard Seed also contributed to the deal.
what3words is an address system based on a global grid of 57 trillion 3mx3m squares, where each square has a unique pre-assigned 3-word address. The solution helps everyone who needs to find or share a location – whether they are navigation apps, governments, logistics firms, travel guides or NGOs.
Aramex 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. To date, 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, said: “We are pleased to be partnering with what3words. 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.”
Not finding the right delivery point, for example, is frustrating for consumers, and costs businesses a huge amount in failed deliveries and delays. The ‘last-mile deliveries” account on average for 28% of all delivery costs. According to the UN, 135 countries don’t have an adequate address system. This puts huge pressure on the logistics industry to find effective and efficient solutions to deliver parcels to consumers.
Chris Sheldrick, CEO and Co-Founder of what3words, said: “We are on a mission to change the way people communicate location, to make the world a more efficient, less frustrating and a safer place with 3-word addresses. 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.”
Aramex’s investment and implementation will rapidly extend what3words’ growing reach in the delivery, logistics and courier industries. what3words is already being used by many organizations to better coordinate their projects and services and increase efficiency. Notable integrations include navigation software platform Navmii, Norway’s National Mapping Agency, The United Nations data collection app UN-ASIGN, and the world’s largest geographic software providers including Esri, Safe Software, and Boundless.
Already available in 10 languages and used in more than 170 countries, what3words 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.