Snapchat acquires social map app Zenly for $250M to $350M

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Snapchat acquires social map app Zenly for $250M to $350M


Snapchat’s newest feature, Snap Map, is based on its latest acquisition, social mapping startup Zenly. TechCrunch has learned that Snapchat has bought Zenly for between $250 million and $350 million in mostly cash and some stock in a deal that closed in late May. Snapchat will keep Zenly running independently, similar to how Facebook lets Instagram run independently
Zenly’s app lets users see where their friends currently are on a map using constant GPS in the background. People can then message these friends in the app to make plans to hang out.The Paris-based startup hit 2 million downloads last year, mostly from teens trying to keep up with their friends around town, at school or at concerts and other events. Zenly had raised $35.1 million, including a $22.5 million Series B in September 2016 led by prestigious Silicon Valley venture capital firm Benchmark.
This morning, Snapchat launched its Snap Map location-sharing and location-based content discovery feature. It works slightly differently, only pulling your location when you open the app, but otherwise looks so similar to Zenly that we suspected Snapchat had copied it. Sources told us Snap expressed acquisition interest, but Zenly initially rejected them.
After more digging, we’ve learned from sources close to the deal that Snapchat did in fact acquire Zenly. A Zenly terms of service change on May 25th may be related to the deal.
Rather than shutting down Zenly and folding it into Snapchat, Snap Inc. will allow Zenly to run somewhat autonomously. We asked Snap, but it declined to comment, and Zenly hasn’t returned our inquiries. Instead, here’s TechCrunch’s interview with Zenly CEO Antoine Martin at Disrupt London last year.Rather than shutting down Zenly and folding it into Snapchat, Snap Inc. will allow Zenly to run somewhat autonomously. We asked Snap, but it declined to comment, and Zenly hasn’t returned our inquiries. Instead, here’s TechCrunch’s interview with Zenly CEO Antoine Martin at Disrupt London last year.







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