IKEA stores owner invests $16 mn in technology startup what3words

Ingka Group, the owner of most IKEA stores, has purchased stake in what3words, a technology startup, for 12 million pound ($16 million).
IKEA and technology investmentLondon-based what3words has divided the world into three metre squares to help pinpoint locations.

The model, in which every square is given a unique three-word name, aims to create a precise global address system that could, for example, help logistics firms with deliveries.

“What3words has created an innovative solution to the problem of poor and inaccurate addressing, which is a problem in both developing and developed countries” Ingka Group’s investment arm Ingka Investments said in a statement.

“Unlike a regular street address, which points to a street or building, the system allows people to specify a very precise location such as a side door or utility entrance,” Ingka Group said.