Seattle Startup Placed, Acquired By Snap, For A Reported $200M
Snap, the parent of ever so popular social media network, SnapChat, stayed pretty quiet about a recent acquisition. Placed, a Seattle based startup, specializes in location analytics. The company measures digital media, advertising and it’s direct effect that it has on in-store visits. This is valuable data for Snap as they continue to drive shareholder value through advertising and other business models.
“Over the past 12 months, Placed has measured more than $500 million in media spend to store visits, across thousands of campaigns and hundreds of partners, cementing Placed as the leader in location-based attribution,” Placed CEO and co-founder David Shim wrote in a blog post shared with GeekWire on Monday afternoon. “By partnering with Snap, we will do even more.”
Placed analyzes consumer location data and can track it back to see how tv spends translate to in store traffic. In 2013 they published a report on how Amazon is impacting brick and mortar retailers and where Amazon shoppers “showroom” the most. They’ve also been able to track Pokemon Go Users.
Snap recently unveiled a tool called “Snap To Store” that allows their advertisers to see whether campaigns actually drove users to physical locations. With all that in mind Snap has said that they are going to keep the Snap To Store and Placed businesses separate and not mix data. According to Geekwire.com Snap “will establish data-sharing privacy and security guidelines to ensure separation of advertiser data between Snapchat and Placed.”
Geekwire originally learned of the deal last week, but both companies were keeping it quiet. Bloomberg had reported that the acquisition was for $125 million however Geekwire rebukes that statement saying it was closer to $200 million, citing a reliable source. Regardless, either figure represents a great gain for investors and the co-founders. To date Placed has raised $13.8 million dollars. Their most recent raise was a $10 million dollar series B round in 2014.
To date, Snap has acquired more than 10 startups. They paid over $110 million dollars to acquire mobile search app Vurb. Geekwire reports that Placed will continue to operate independently out of their offices in Seattle. Meanwhile, Snap set up an engineering office in Seattle last year and they have plans to grow that office as well.