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…

Read Story