MapsPeople secures investment round of DKK 38 million: Continues ambitious growth despite the Covid-19 crisis

Translation of Danish article

Aalborg, September 2. 2020

The Danish company, MapsPeople, is a global leader in indoor navigation with large customers worldwide. Now the company has successfully closed a new investment round of DKK 38 million, ensuring their continued growth adventure with help from the Danish Growth Fund and a number of private investors.

MapsPeople is the developer of the MapsIndoors platform that helps users find their way in large, complex buildings. In recent years, the company has positioned itself as the global leader within indoor navigation and their platform has grown a whopping 225% in 2019. The new capital will ensure the continued growth despite the COVID-19 crisis.

“We have attracted a significant amount of capital in this round, which far exceeds our expectations. The financing round has been backed by our existing investor, the Danish Growth Fund, who has been part of MapsPeople's journey since December 2017. With new capital from both the Danish Growth Fund and our new investors, we are well equipped to continue the ambitious growth curve,” says MapsPeople's chairman, Lars Brammer.

MapsPeople has established a unique integration with Google Maps and the platform can be connected to a large number of IT systems and sensors, so users can see available parking spaces, meeting rooms, workplaces, book facilities, find their way around indoor spaces, and more. MapsPeople already provides solutions to well-known companies around the world such as JP Morgan, Google, LinkedIn, UEFA, and the US Open (golf).

“MapsPeople is a fantastic company with a very relevant product and growth opportunities that are now being fulfilled. We see great potential in the company and we will not be surprised if MapsPeople becomes one of our most successful investments in a few years,” says Lars Rønn, who is a partner in the Danish Growth Fund's department for direct investments, VF Venture.

When asked what the new capital will be used for, MapsPeople's CEO and founder, Michael Gram, says:

 “We have a very ambitious growth plan for MapsIndoors and despite COVID-19 we are constantly expanding with new global customers. Our platform is getting more and more powerful by the day and we have a unique opportunity to win the global market within our niche. With the new investment there will now be additional resources for both marketing, sales, development of the partner channel, product development, and scaling of the delivery system.”

For further information:

MapsPeople: Michael Gram, CEO / / 53740900

The Danish Growth Fund: Cecilie Idun Andersen, kommunikationsrådgiver / / 31930573