CHARLOTTE — Charlotte-based MapAnything has raised $42.5 million in Series C funding.
MapAnything plans to use the funding to expand its reach in key markets, broaden the platforms developer community and deepen relationships with some partners, in addition to increasing its research and development efforts to capitalize on new market opportunities and technology advancements.
The company uses a Location of Things (LoT) platform that creates location awareness within the system of work, where field sales and service activity is planned, tracked and executed.
The MapAnything platform 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.
Market and Markets, a business-to-business research company, predicts that the LoT market will reach $27 billion by 2022, driven by the shifting demands of customers in the on-demand economy.
The company, founded in 2009, targets two customers — sales organizations and field service organizations — struggling to keep pace with the shifting on-demand expectations of customers.
MapAnything sales customers are seeing 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.
“The ability of B2B enterprises to derive value from location is a game changer for organizations with large mobile workforces,” said CEO and co-founder John Stewart in a statement.
“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.”
Stewart co-founded MapAnything with Ben Brantly in 2009. The company originally provided managed services and custom app development to users of Salesforce. The business model changed in 2012 and the company’s sole focus became selling business applications on the Salesforce AppExchange.
The series C funding includes first-time participation from GM Ventures and Andrew Leto, with four existing investors.
In connection with the financing, Leto, an executive chairman at Emerge, has joined the company’s board of directors. Emerge is a company Leto co-founded that created the first private marketplace connecting shippers to direct carrier rates, reducing operational costs and helping to improve service on everything from quote to deliver.
The company currently has under 100 employees.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism