Snap Buys Location Based Data Startup StreetCred
Snap, the Snapchat parent company, has acquired the New York-based location data startup StreetCred.
StreetCred develops a platform for location data. The acquisition will see four StreetCred team members including its cofounders Randy Meech and Diana Shkolnikov joining Snap where they will work on maps as well as location-related products.
The Snap Map will feature large in the strategy behind the acquisition. The Snap Map is a more personalized platform map that enables users to view public snaps in a particular location and to share their location with their friends on the platform. Last Summer, the company added Snap Map to the main navigation bar on Snapchat. The product reaches over 250 million monthly users.
Snapchat has also been incorporating various products that go together with a user’s location including the Local Lenses which make it possible for developers to build geography-specific augmented reality lenses capable of interacting with physical locations.
The two StreetCred co-founders will be bringing a wealth of mapping experience to Snap. Meech was previously CEO at Mapzen, a Samsung open mapping subsidiary. Before that, he had also worked as a senior vice president of local and mapping products are AOL. Shkolnikov was formerly engineering director at Mapzen.
StreetCred previously raised $1 million in seed funding from Bowery Capital and from Notation Capital and the startup had the stated aim of opening up and decentralizing location data through a blockchain-based marketplace that rewards users for participating in data collection.
No details were revealed on the StreetCred acquisition but as part of the deal, its platform will be shut down.