Offline journey app Maps.me has raised $50M (approx €41.3M) in a recent spherical of funding led by Alameda Analysis, a Hong Kong-based funding agency and liquidity supplier. Genesis Capital and CMS Holdings additionally participated on this spherical.
Use of the raised capital
Reportedly, the brand new funds will assist the corporate to roll out a multi-currency pockets on Maps.me and allow a decentralised finance (DeFi) ecosystem on the platform. With DeFi, it appears to be like to develop the instrument into an “on a regular basis app,” making Maps.me extra mainstream.
Because of this the Maps.me 2.zero model would enable customers to retailer values and earn yields of as much as eight per cent, in addition to make each home and worldwide transactions. The app would even have a cashback function on its transactions.
“By embedding and democratising entry to yield-earning finance to hundreds of thousands of customers by way of an on a regular basis app, Maps.me has the potential to essentially propel DeFi mainstream adoption and produce a groundbreaking expertise to the plenty,” says, Sam Bankman-Fried, founder and CEO of Alameda Analysis and in addition crypto alternate FTX.
About Maps.me
The corporate was based in 2011 by Alex Zolotarev, Siarhei Rachytski, Victor Govako, and Yury Melnichek. Maps.me is a free cellular offline map for travellers which covers all international locations of the world which can be found for obtain from throughout the utility.
Maps.me will get its map knowledge from OpenStreetMap.org (Wikipedia of maps) – an open database of geographic data which is up to date by the neighborhood of 5.7 million contributors. The applying contains the map knowledge in full particulars with streets, home names, vacationer points of interest, mountaineering/biking trails, native companies and different key data.
After the obtain, the maps and all of the built-in options work offline and don’t require an web connection (map, search, filters, automotive/pedestrian/bike/transit routing and navigation with voice directions). With the web connection, it’s also possible to get free automotive site visitors in 38 international locations and entry a public catalogue with hundreds of journey guides and itineraries, created by skilled corporations, particular person bloggers, and energetic travellers.
Presently, the corporate has over 140 million installations globally, obtainable for iOS and Android and translated into 28 languages. In keeping with the Coindesk report, over 58 per cent of Maps.me customers come from the European continent, and greater than 70 per cent are between the ages of 18 and 40.
The corporate is claimed to have been registered in Cyprus, nonetheless, as per its LinkedIn profile, Maps.me is presently headquartered in Amsterdam.
About Mail.ru
In 2014, Mail.ru Group, an Amsterdam-based Russian web firm, acquired 100 per cent stakes of Maps.me for RUB 542M (approx €6M). In keeping with Mail.ru, in 2019, the journey app’s income amounted to RUB 159M (approx €1.7M) with an EBITDA lack of RUB 25M (approx €279Ok).
Maps.me was lately sold to Daegu Restricted for about €17M.
Mail.ru Group is an web firm within the high-growth Russian-speaking Web markets (Russia is Europe’s largest Web market measured by the variety of customers, comScore). The corporate claims to personal Russia’s main e-mail service and is one in all Russia’s largest web portals. It operates all three of the Russian language social networks, Vkontakte (VK), Odnoklassniki (OK) and Moi Mir (My World), and Russia’s largest on-line video games enterprise.
In 2013, Mail.ru Group launched its first world venture My.com that gives a collection of communication and leisure apps.
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