- 29 June 2016
- Transport / Logistics Services
Logistics giant Aramex has announced that it has invested USD $2.94 million with the global addressing platform what3words. Three other investors contributed to the same, USD $8.5 million funding round – Intel Capital, Mustard Seed, Force Over Mass.
The company what3words is an address system that divides the world up into a grid of 3m2 squares, of which there are 57 million squares, each of which has a pre-assigned 3 word address.
The logistics company has said that it will use the address system in its e-commerce fulfilment operations around the Middle East, Asia and Africa and that this will further enhance its last mile delivery operations. Aramex has invested in a number of last mile delivery systems, including the companies Grab and Logisure, Shippify, and CashBasha.
Hussein Hachem, CEO of Aramex, said of the investment, “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