London-based navigation software company What3words has appointed eBit Labs founder Chris Marks as chair.
Marks takes on the role as non-executive director and board member. John Lazar, chair of the Raspberry Pi Foundation, has stepped down from the What3words board, company filings show.
UKTN has reached out to What3words and Lazar for comment.
Marks, writing on LinkedIn, said it’s “an honour to be a part of such a talented, driven team” that “supports millions of people around the world to make their life safer, more efficient and less frustrating and helps thousands of businesses to improve efficiency and customer experience.”
In addition to eBit Labs, a digital assets company, Marks has served as CEO of Natwest Markets, chair of the Natwest Markets Netherlands Supervisory Board, and trustee at the English National Ballet.
Co-founder and CEO of What3words Chris Sheldrick said he was “immensely excited to have someone of Chris’ calibre and impressive track record joining our board”.
Founded in 2013, What3words divides the surface of the Earth into 3m by 3m squares identified by a unique combination of three words.
It has raised more than £100m in funding, including a £5m crowdfunding campaign last year.
In 2022, it reported full-year revenues of just £838,726 on losses of £31.5m. While this reduced losses by £12m on the year prior, its financials have raised questions about the company’s ability to commercialise its service.
The company, whose technology has been integrated by Jaguar Land Rover in its vehicles, has recently expanded its Vietnam team and is in the process of hiring mobile developers for its global product range.