MapAnything Raises $42.5 Million Series C to Expand its Leadership in $27B Location-of-Things Technologies and Services Market
Company Set to Drive Innovation in Field Sales and Service, to Deliver Higher Productivity and Location-Aware Customer Experiences
November 16, 2018 – Charlotte, NC – MapAnything, the leader in Location-of-Things (LoT) solutions, today announced the close of a $42.5M Series C investment that includes first-time participation from GM Ventures and Andrew Leto, with participation from existing investors Salesforce Ventures, Greycroft, Harbert Growth Partners, and David Stern. In connection with the financing, Andrew Leto, Executive Chairman of Emerge, has joined the MapAnything Board of Directors.
The Location-of-Things market is massive and growing. Markets and Markets predicts that it will reach $27B by 2022, driven by the shifting demands of customers in the on-demand economy. MapAnything is uniquely positioned to capitalize on this opportunity with nine years of innovation in the market and groundbreaking location-aware solutions that help 2,000 BtoB companies leverage location as a unique competitive differentiator.
“In a world where everyone and everything is connected, location-based insights open up entirely new opportunities to transform the customer experience,” said Mike Rosenbaum, EVP of Product at Salesforce. “We're excited about the continued impact MapAnything's location-based solutions, combined with the world's #1 CRM, will deliver for customers.”
Connected devices transform sales and service
MapAnything’s customer-focused solutions dovetail neatly with GM’s commercial growth strategy and its leadership in connectivity. GM sales to commercial customers have grown by more than seven percent annually since 2012, and the company has delivered more than 11 million vehicles with built-in 4GLTE Wi-Fi hot spots.
Last month, GM surveyed some of the country’s largest fleet managers, and more than 90 percent said connectivity has the biggest potential to transform their operations.
“We have seen firsthand how the most sophisticated fleet managers in the world rely on connectivity to optimize their investments in vehicles and people, and we’re just starting to scratch the surface of what’s possible using sophisticated tools like MapAnything,” said Ed Peper, Vice President, GM Fleet.
By 2020, customer experience overtakes price as key brand differentiator
Organizations must adapt to the new reality of customer experience. For sales organizations, the business value of face-to-face interaction is $12 for every $1 spent on business travel, yet sales organizations spend less than one third of their time actually selling. MapAnything customers are seeing their customer interactions increase by up to 25 percent, resulting in higher sales, less competitive pressures, and happier sales reps who make more money and spend less time driving to appointments.
For field service organizations struggling to keep pace with the shifting on-demand expectations of their customers, the stakes are equally as high. Harvard Business Review reports that an increase in customer retention rates by five percent could increase profits from 25 percent to 95 percent; yet most field service organizations struggle to provide precise visit windows and customer notifications, which today’s customers demand.
“The ability of BtoB enterprises to derive value from location is a game changer for organizations with large mobile workforces,” said John Stewart, CEO and Co-founder of MapAnything. “But historically, geographic intelligence has been limited to those with advanced analytics and GIS experience. MapAnything is democratizing location data to accelerate the productivity of mobile workers and enable customer experiences that exceed expectations.”
Location-of-Things for BtoB
The MapAnything platform creates location awareness within the system of work, where field sales and service activity is planned, tracked and executed. It uniquely helps enterprises automate complex business processes and make more informed decisions with a combination of a patent-pending routing and scheduling engine, integrated GPS tracking capabilities, and an intuitive location-based visual layer.
MapAnything increases productivity for field-based workers in agile enterprises. It answers complex spatial questions easily and enables more prompt service and amazing customer experiences in an increasingly “On Demand” world. The company delivers these results to some of the world's largest financial, manufacturing and CPG companies in the Fortune 500 and Forbes Global 2,000.
The company will use the funding to expand its reach in key markets, broaden the vibrant MapAnything developer community, and deepen relationships with strategic partners. Additionally, the company will increase its R&D efforts to capitalize on new market opportunities and technology advancements.
About MapAnything, Inc.
MapAnything is a pioneer in Location of Things (LoT) software, enabling more than 2,100 global enterprises by combining location intelligence, integrated asset tracking, and route optimization to drive productivity and a better customer experience. MapAnything is a Salesforce Premier ISV Partner, a ServiceMax Strategic Partner, and a ServiceNow Technology Partner who has received IDC’s Innovator Award in Field Service for Manufacturing, and G2 Crowd’s Leader for Field Service Management and Field Sales Tools. To learn more, visit www.mapanything.com.
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 280 enterprise cloud startups in 18 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
GM Ventures LLC formed in June 2010 to identify, engage and build relationships with other venture capital firms and innovative companies. Our equity investments deliver innovative technology to the global transportation sector. GM Ventures' investment strategy includes growth-stage companies with focus on the areas of automotive cleantech, infotainment, advanced materials, and other automotive-related technologies. For more information, please visit https://www.gmventures.com/.
Andrew has been in the logistics industry since 2003 when he founded Globaltranz after serving five honorable years in the U.S. Navy. Having built a reputation for providing some of the best technology in the industry, Globaltranz quickly became one of the top-10 Truckload and LTL brokers in the U.S. with over a billion dollars in sales. Andrew also founded 10-4 Systems, a truckload and visibility platform which sold to Trimble in 2016. Currently, Andrew is focusing on his third endeavor – Emerge – a cloud-based shipping platform and marketplace helping logistics professionals to more efficiently procure and manage their overflow truckload capacity. Andrew resides in Phoenix, Arizona with his wife and two children.