Hivemapper raises $18 million to create decentralized mapping network

Quick Take

  • Hivemapper has raised $18 million in funding from investors in a round led by Multicoin Capital.
  • The platform plans to launch its mainnet this summer.

Decentralized mapping network company Hivemapper has raised $18 million in a Series A funding round.

The round brings the company’s total financing to date to $23 million, according to a statement on Tuesday. The company declined to disclose Hivemapper's valuation.

Investment firm Multicoin Capital led the round, with participation from Craft Ventures, Solana Capital, Shine Capital, Spencer Rascoff’s 75 and Sunny Ventures — as well as previous investors Spark Capital, Founder Collective and Homebrew. 

US-based Hivemapper is a blockchain-based mapping network that turns dashcam footage into “state of the art” maps that are “constantly evolving.”

It rewards map contributors who capture 4K street-level imagery with the network’s native token HONEY. Map editors then process the dashcam data, carry out quality assurance, and annotate contributor imagery. These editors also receive HONEY for their efforts.

Tech giants such as Google, Apple and Alibaba currently dominate the digital mapping market, which — according to Hivemapper — is worth about $300 billion. 

But the incumbents may face growing competition, with rep