Snapchat acquires Bitmoji maker Bitstrips to attract advertisers

Snapchat acquires Bitmoji maker Bitstrips to attract advertisers

Snapchat has reportedly acquired Bitstrips, a startup that developed Bitmoji app. The new deal is appeared to be a strategic move by the Los Angeles-based company to attract more advertisers.

As first reported by Fortune, Snapchat is set to pay $100 million in cash and stock for the acquisition. Neither Snapchat nor Bitstrips has confirmed the deal through a formal channel so far.

Snapchat Bitstrips deal

Bitstrips now owned by Snapchat

Toronto-based Bitstrips has a strong presence in the social media world with over 100 million daily users. It allows users to create their personalised photo comics. These comics can include jokes or greeting cards or just some status updates for Facebook.

In addition to the original Bitstrips app, Bitstrips has the Bitmoji app. This app was initially released in October 2014 and is allowing users to create their personal emojis that can be shared through a text message or over messaging apps like BBM, Viber and WhatsApp.

Snapchat is suggested to utilise Bitmoji’s technology in expanding its messaging service. However, the company led by Stanford alumnus Evan Spiegel, Bobby Murphy and Reggie Brown would also use Bitstrips efforts in encouraging advertisers to serve some interactive ads through its platform that was originally revealed in 2014.

Bitstrips raised $11 million in funding from investors including Horizons Ventures and Kleiner Perkins Caufield & Byers. Both these investors have also recently invested in Snapchat.

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