Welcome to the Team
TechCrunch reports that the startup “raised $1 million in seed funding from Bowery Capital and Notation Capital.” The New York City-based mapping company’s original platform was an app where users played a game to mark as many places as they could within their city. The data derived from the submissions of the players was used to create accurate and current information relating to business locations, operating hours, and more.
To ensure the trustworthiness of data received from users, StreetCred developers designed a network in which users were validated and ranked. Ranking was impacted by both the number of markers validated by other users and the rate that these markers agreed with the peer network, according to StreetCred’s blog. The data of higher-ranked players makes up a greater portion of the network’s information, which in turn is used to validate more users.
Under the terms of the acquisition, the platform will be decommissioned as four members of StreetCred will be joining Snap, according to TechCrunch.
Co-founder and CEO of StreetCred, Randy Meech, announced his new role on his LinkedIn page, stating “So excited for StreetCred to join Snap! I'll be Director of Engineering for maps.”
Also joining the company is StreetCred entrepreneur, co-founder, and CTO, Diana Shkolnikov, who is assuming the role of Senior Engineering Manager.
“Looking forward to leading and growing the Map Services/Backend Team,” Shkolnikov said in an update from her LinkedIn.
Both Meech and Shkolnikov come with years of experience in the mapping industry. Meech was previously CEO of Mapzen, an open-source mapping company that seeks to provide developers with the tools to utilize cartography for their businesses. Shkolnikov also worked for Mapzen as the Engineering Director of Search.
Mapping the Future
While the exact details of the agreement to acquire StreetCred are not publicly known, it doesn’t come as a surprise to see Snap Inc. taking an interest in the location data platform.
In 2017, Snapchat introduced Snap Map, a feature that allows users to share their location, photos, and stories publicly. Viewers can still pull up the interactive Snap Map and see what users have posted from different locations. The startup will likely throw its expertise behind mapping technology such as Snap’s. With a reported 52% increase in revenue year-over-year in Q3, a market cap of 82.84 billion, and an estimated daily active user count of 249 million, Snap Inc. intends to be at the forefront of its industry. Businesses like StreetCred will continue to help achieve this goal.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.