Toronto-based emoji maker Bitstrips is being acquired by Snapchat, the popular photo and video sharing mobile app, for a reported $100 million.
Bitstrips allows users to create personalized emojis and avatars that can be inserted into short comic strip sand shared via social media. It was founded in Toronto in 2007 and raised over $18 million in capital from investors that included Kleiner Perkins Caufield & Byers and Horizons Ventures, the investment fund belonging to Hong Kong billionaire Li Ka-shing. The Bitstrips app has been downloaded over 11 million times.
This is fantastic news for one of Toronto’s best known tech companies in the social media space. It will be interesting to see if Snapchat keeps the current team and office in place and uses this acquisition to create a presence in Toronto.
To read more about the transaction, click here.