To strengthen e-commerce segment, Ingka Investments, the investment arm of Ingka Group, has announced an investment of $16 million in global addressing system what3words. The investment will help to develop partners within the e-commerce and logistics sector.
- The investment will be used to launch the company in new international markets.
- what3words has created an innovative solution to the problem of poor and inaccurate addressing which is a problem in both developing and developed countries alike.
- what3words has divided the world into a grid of 3 metre squares and given each square a unique combination of three words a what3words address.
In April 2020, Ingka Investments, the investment arm of Ingka Group, had taken over two solar photovoltaic (PV) projects in the U.S. after completing the acquisition of 49% ownership stake in each of them, which will help the company generate more renewable energy than ever before.
In September 2019: Ingka Group had reached agreement with Vestas Wind Systems A/S to acquire 80% stake in seven wind farm entities in South-East Romania, the 14th country where Ingka Group has invested in wind energy.
About Ingka Group
Ingka Group consists of three business areas. : The core business is IKEA Retail, which consists of 374 IKEA stores across 30 markets, and counting. Each year, it welcome 839 million visitors to these stores. Ingka Centres creates great meeting places where each centre is anchored by an IKEA store. So far, the company has established 45 Ingka Centres across Europe, Russia and China and more are on the way.