Aramex has announced that it has invested $2.94m as part of a $8.5m Series B funding round with addressing platform what3words.
what3words is an address system based on a global grid of 57 trillion plots, each composed of three sq m, where each square has a unique pre-assigned 3-word address. The solution is designed to provide accurate addressing for countries in which traditional postcode systems are ineffective; according to the UN, 135 countries do not have an adequate address system.
Aramex will use the what3words address system in its e-commerce fulfilment operations across the Middle East, Africa, and Asia to support 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.”
Source: Aramex
