STOCKHOLM (Reuters) – Ingka Group, the owner of most IKEA stores, has bought a 12 million pound ($16 million) stake in what3words, the London-based technology startup that 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,” it added.
($1 = 0.7290 pounds)
(Reporting by Anna Ringstrom. Editing by Mark Potter)
