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CartoDB raises $8 mn for building a cloud-based market

Javier de la Torre, CEO and Founder of CartoDBNew York, September 11 2014: CartoDB, an open source web mapping and geospatial platform, has raised $8 million in Series A funding. The company said it will use the funds to ‘grow its user community and become a geospatial standard on the web’. The company also announced that it will shift its headquarters from Madrid to New York.

CartoDB also announced Developers Program, through which it aims to partner with companies and developers to create geospatial products for the cloud-based marketplace. CartoDB shared that will use part of the investment received to provide resources (design, technical consultancy, marketing) for developers to accelerate the creation of specialised geospatial products for the forthcoming CartoDB marketplace.

The company has over 50,000 users and over 100,000 active map applications on the platform. Over the last 12 months, CartoDB claims that it has witnessed over 300% y-o-y growth in the number of active users and data sets contributed to the platform each month, putting the company on track to become a geospatial standard of the web.

“The future of geo isn’t a single app with hundreds of buttons. The future of geo is hundreds apps with a single button,” said Javier de la Torre, CEO and Founder of CartoDB.

With its current offering the company aims to address the $2.5bn market for geography information systems, the $4.2bn data visualisation market and the $7.5bn market for location based services.

Source: CartoDB