Swedish Startup Space

Malmö-based Mapillary raises $8 million from Sequoia and Atomico

Written by on March 3, 2016

The crowdsourced street view service raises millions from Skype-founder Niklas Zennströms venture capital firm and one of the worlds most prominent venture capital firms.

Mapillary’s idea is that other companies will pay to use its service to get an overview over areas where Google’s street view is not available. One example could be a real estate company that needs to plan a new building site without sending people out to the site.

So far, the company has mapped 1,2 million kilometers of roads and their surroundings. However, the company only has 15.000 users and most of the roads are in Germany and the U.S.

The company is now raising $8 million, from Niklas Zennström’s company Atomico and the american venture capital firm Sequoia, to grow the user base and expand the team.

“Our vision is to map the world with images to let people share places and vacations, and explore new parts of the world”, Jan Erik Solem, says when Breakit reaches him.

He founded Mapillary in Malmö, in 2013. He previously sold the facial recognition company Polar Rose to Apple. Mapillary raised $1.5 million from Sequoia in January, 2015. Atomico was the lead in the latest round.

The business model revolves around selling data about places and images to companies. In 2014, the company had revenues of just $115.000 (1 million SEK).

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