IAG invests in mobile location data startup Bluedot
01 Jul 2020
IAG has announced a strategic investment in Bluedot, a location-based technology and geofencing platform, as part of its recent US$9.1 million (AU$13.4m) Series B raise.
Bluedot develops precise location technology embedded in a mobile app to help brands to deliver convenience and value to customers, based on their physical location. Founded in Melbourne, Bluedot has since expanded to the USA with headquarters in San Francisco.
Together, IAG and Bluedot will explore how Bluedot’s technology can provide IAG’s customers with information to help them understand, mitigate and protect against risk. This might include sending alerts on road safety hazards and taking the safest routes to destinations.
By providing customers with real time safety information, IAG can help customers mitigate risk and minimise damage to themselves, their property or vehicles. IAG is Australia’s largest insurer and offers insurance under its NRMA Insurance, CGU and WFI brands.
IAG Firemark Ventures General Partner Scott Gunther said IAG’s small business and commercial business customers, who have unique business problems and opportunities, could significantly benefit from Bluedot’s geofencing capabilities, where real-time mitigation of risk is critical to operational success.
“We recognise the potential of Bluedot’s location data capabilities and the enormous opportunity for the business to scale. Bluedot’s geofencing capabilities will allow us to reach our customers in new, innovative ways to help keep them safe, wherever they may be.
“We are pleased to be the first financial services company to invest in Bluedot and look forward to expanding the partnership over the coming months. We’ve been impressed by Bluedot’s ability to pivot and establish contactless solutions, enabling brands to continue to operate safely and efficiently,” Mr Gunther said.
Bluedot CEO Emil Davityan said: “Mobile location data is powerful but also dynamic and constantly evolving. The ability to tap into this information in real-time with precision is the difference between serving your customers at just the right moment or missing the opportunity altogether. As businesses strive to achieve differentiated, brand-owned experiences, location is the catalyst.”
This round of Series B funding has seen Bluedot secure US$9.1 million (AU$13.4m), including strategic investment by IAG Firemark Ventures. The current raise brings total funding for Bluedot to US$22.1 million (AU$32.2m) and includes participation from existing investor Transurban and new investors Autotech Ventures, Forefront Ventures and Mighty Capital.
Bluedot’s proprietary technology has an established track recording in helping food brands like Dunkin’, KFC and McDonald’s, as well as companies like Transurban and South Australia based retailer OTR, to deliver convenience and value to customers by leveraging location insights on mobile apps at the right moments.
IAG Firemark Ventures strategically partners and invests in businesses with the capacity to reinvent the insurance experience.