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Snap to keep track of your location data through StreetCredINTL

Snap to keep track of your location data through StreetCred

Snap (SNAP), who you may know as Snapchat’s parent company, bought location data startup StreetCred. The deal will see the NYC company’s two co-founders and two other team members join Snap to help work on the Snap Map platform, which enables users to see public snaps from any specific area and then share the location. Snapchat expects this feature to reach around 200 million users every month. The company has also rolled out other map and location-related products recently, which will benefit from StreetCred’s… well, street cred!

The total value of the transaction was not disclosed, and Snap’s shares were up around 2.3% on Tuesday.

why it matters
StreetCred is an ambitious project founded by two pros in the geo-mapping industry – former CEO of Samsung’s open mapping subsidiary Mapzen, Randy Meech, and former engineering director at the same company, Diana Shkolnikov. They are expected to bring in lots of new ideas to Snapchat, which it needs to stand out from other social media giants such as Instagram and Facebook.