Navmii is one of the leading navigation and traffic apps in the world, with over 24 million registered users who collectively drive over 30 million miles per month. Navmii is currently available in 85 countries with an average 4 out of 5 star rating.
Navmii History & Features
Navmii was launched in September 2010 in the UK and quickly became one of the most popular navigation apps in the world. Navmii is a full turn-by-turn navigation app, offering features such as voice-guidance, auto re-routing, traffic overlay and social features.
The company launched its latest version of Navmii 3.0 in March 2015. This new version focuses on social, crowd-powered features and driver safety, as well as introducing a brand new user interface.
Key Features of Navmii 3.0
- On-board map data – Navmii stores the map data on the phone, this means that it will work even if there is no data connection. This is a great feature for people who are traveling and for when a users data signal strength is weak.
- Driver Analytics – Navmii is the only Navigation application that gives drivers a score based on how well they drive. You get a score for each journey you make showing you a wealth of information from duration, distance to the percentage of hard braking you make. This allows drivers to improve their driving style over time.
- Crowd-Powered Live Features – Navmii uses crowd-sourced data from its community of drivers around the world to provide data on traffic conditions, incidents and other driving information in real-time (livemap.navmii.com).
- Rich Dynamic Map Display – Great looking easy to use maps, with live map displaying allowing users to touch any point on the map and instantly route.
Navmii isn’t just about providing a great navigation app, what gives Navmii an edge is its community of millions of drivers who share information such as traffic reports, speed camera locations, accident information, even police locations. This information is instantly shared and available to all Navmii users, allowing Navmii to alert you and even route you around these issues in real-time. In addition Navmii collects location data and builds its own map data in the background to provide the latest and most accurate maps for free to all of its users.
The Business Model
Navmii makes money in 3 ways:
1. Advertising – We allow local business to list their companies within Navmii, we have over 3.8 million local business search a month. We also work with larger companies like car manufacturers and insurance companies who advertise with us.
2. Data – We collect between 4+ billion points of location data a month, which we use for creating traffic information. We sell this data to companies like Nokia.
3. B2B Sales – Navmii licenses its navigation and mapping technology to 3rd party companies to power their apps and navigation solutions. These licenses are normally sold on a per user, per annum basis. Clients include companies such as Ocado, Morrisons and Shell. B2B Revenues typically account for 40-50% of the company’s revenue.
The company has raised both seed and series A investment from private and insituional investors. The total amount raised by the company to date has been £4million.
This round of funding will be used to build on the success of Navmii to-date and grow the revenues and user base of the company. The use of funds is detailed below.
The principal use of the funds will be;
Product development 29%
Working Capital 30%