Snapchat’s parent company, Snap, has acquired StreetCred, a New York startup that builds location-based platforms.
Snap confirmed the news to TechCrunch, and the acquisition brings four Street Cred team members, including co-founders Randy Meech and Diana Shkolnikov. He said he would join Snap and work on mapping and location-related products.
A major element of that strategy is Snap Map, which allows users to view public snapshots of a designated area and share their location with friends. In the summer of 2020, Snap Map was added to Snapchat’s main navigation bar, and the company announced that it is reaching 200 million users each month.
At the same time, Snapchat has added other features that work with your location, including the ability for developers to create region-specific AR (Augmented Reality) lenses that work with their actual location, for example. There are Local Lenses and so on.
Meach and Skoliknikov should bring a wealth of mapping experience to Snap. Mr. Meech was previously CEO of Samsung’s open mapping subsidiary Mapzen and was previously Senior Vice President of Local and Mapping products at TechCrunch’s parent company AOL (later rebranded to Verizon Media). Meanwhile, Skoliknikov is a former engineering director of Mapzen.
StreetCred had raised $ 1 million in seed funding from Bowery Capital and Notation Capital. When interviewing Meach in 2018, his goal was to “open and decentralize” location data by building a blockchain-based marketplace where users would be rewarded for helping to collect that data. “It was said that it was to be done.
The financial terms of the acquisition have not been disclosed, but the existing StreetCred platform will be closed as part of the acquisition.
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Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.