Snap buys Ukrainian startup for $8 mln

Snap buys Ukrainian startup for $8 mln

American company Snap has bought the rights to all the technologies of Ukrainian startup Teleport Future Technologies.

The agreement was signed in February 2018 and fully implemented in November. The sum of the transaction was about $8 million, reports.

Teleport became famous for the same-name application for changing hair color. It set a record in Ukrainian, Russian and Belarusian App Store, getting more than 1 million downloads in the first 24 hours following the release. It ranked first in the app stores for more than a week.

The project was created by the then 19-year-old Vladyslav Urazov from Odesa. He and his colleague Bohdan Matveyev gathered a team of 30 people from different countries, including Ukraine, France, the UK and Russia. The startup raised $1 million in investment and developed an internal technology for identifying objects on photos and videos.

Urazov became a dollar millionaire when he was 20 years old.

In 2015, Snap bought another Ukrainian startup called Looksery. The deal was said to be done for $150 million.


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