We have raised £2.3million for our client who was the first free smart navigation and traffic app on iPhone. As a leading provider of connected navigation solutions they are positioned to become the largest 3D-mapping company in the world by the end of 2018.
With over 26million downloads, they are perfectly timed to capitalise on the new economic wave of ‘driverless cars’ and ‘smart cities’, not to mention the ever-increasing demand for quality up-to-date mapping.
Our client is delighted with their success since they first approached us to raise marketing capital. They have signed several significant contracts, including one with Nokia to supply traffic data and a B2B partnership with Microsoft; increased their international availability from 52 to over 187 countries and grown their monthly searches to 3.8million helping drivers navigate 37million miles of road per year.
We generated a record amount of interest from investors, advised and managed our client throughout the entire process and completed a Series A+ round of funding. A lead investor has offered to initiate a Series B round of funding and several VC’s on the West Coast and two trading partners have indicated they will follow suit. We are happy to have raised so much capital towards their goal and anticipate them selling out to a big company.
We had a great deal of interest from our investors when they heard this story which isn’t surprising – our client is the last independent company of its size in this niche sector. The future prospects are extremely exciting and we are delighted to have supported them through this critical phase of their marketing and expansion.
Associate Director
Beer & Young
