Published on : Friday, October 13, 2017
Mapbox is the largest provider of custom online maps for websites and the web applications, which are helpful for the websites and the apps dedicated to the travel and tourism mostly, has been under planning a wide array of smartphone services.
Mapbox, competes mainly against Google and Here to work with companies like Airbnb, Instacart, Snap, and MasterCard to build maps to power their services.
This rising in the funding make Mapbox successful in its fields. The Series C round takes the total amount raised by Mapbox to about $228 million.
Mapbox in 2015 was valued at around $203 million. This means that at a minimum it’s valued at around $370 million with this round, but I’m guessing it’s closer to $400 million – $500 million post money with this latest investment.
It is the latest investment to come out of the Softbank Vision Fund. The monster funding vehicle from Japan’s tech giant that has been investing hundreds of millions since last summer into growth rounds for several other businesses.
Others in this round include the existing investors Foundry Group, DFJ Growth, DBL Partners, and Thrive Capital. They were all involved in MapBox last round of $52.6 million two years ago.
The business of Mapbox has seen the move by the dozens of apps and sites. It is providing an open source-based like Google initially based on Open Street Maps to more proprietary offerings such as those from Google and Here. There are some 300 million people using services that are powered by Mapbox.
Rajeev Misra, CEO of SoftBank Investment Advisors said that the location data is central mission for the development of the world’s most exciting technologies, from autonomous transportation to robotics through to AR and VR.