what3words – backed by ITV, Mercedes-Benz, Channel 4 and Nico Rosberg – more than doubled its sales and cut pre-tax losses in 2024.
The London-based platform is used by businesses and governments in order to operate more efficiently, and by individuals to find and share locations.
It divides the world into 3×3-metre squares and assigns unique three-word labels to each.
what3words reported a pre-tax loss of £10.6m in FY24, a dramatic decrease from £16.4m the previous year.
It followed the decision to reduce its workforce significantly, with the business now employing 92 people compared to 152 in 2023.
Accounts filed with Companies House show that revenue has also increased from £1m to £2.1m in this time frame.
what3words currently has over 650 businesses, government organisations and NGOs in over 170 countries on its client list. It recently partnered with Saudi Arabia-based sustainability-focused afforestation business Net Zero in an attempt to ‘redefine tree planting’.
The firm’s recent success was also highlighted by its acquisition of speed-focused address validation software company Swiftcomplete.