Snow was started by Naver, the Korean firm behind popular messaging app Line, and it had proven popular in Japan, Korea, China and other markets in Asia thanks to a focus on localized filters, stickers and features. Not to mention Snapchat’s famous lack of effort in Asian markets.

The Snow app has changed significantly since we last wrote about it, however. It’s no longer a Snap clone.

A major updated that dropped last week removed Snow’s user-to-user communication features and turned it into a dedicated selfie camera app. Without chat, the app doubles down on filters, stickers, augmented reality (AR), and other selfie-related features to make photos and other media that can be exported to social networks or chat groups.

Snow users can now, for example, record a video set to music from artists that include Charlie Puth. There’s the usual array of photo filters, alongside a GIF maker and Instagram-like Boomerang feature.

It is also aiming to build partnerships and localize its service in China. Outside of Snow, Snow Corp also owns camera apps Foodie and B612, which it acquired from Line, so they may also be pushed in China as standalone apps, although the tech behind them is also shared with the core Snow app.

A Snow representative told TechCrunch that the app now has over 200 million downloads on iOS and Android. The company doesn’t break out specific data for each market, but it said that China is its largest market. In January 2017, we reported that Snow had 40-50 million monthly active users but there’s no further update on the MAU front for now.

SoftBank — and this is SoftBank Group not the Vision Fund — and Sequoia have bought up 20 percent of the shares of Snow’s China business unit via this deal. Line is among Snow’s other backers, via two investments.

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Source: Techcrunch

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The size of the potential investment has not been disclosed, but reports say it could be up to $10bn (£7.6bn).

The ride-hailing company said the money would fuel Uber’s expansion and investments in technology.

But it could transform its corporate structure and see a share listing by 2019, if the deal goes ahead.

“We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment,” Uber said.

“We believe this agreement is a strong vote of confidence in Uber’s long-term potential.”

If completed, the firm plans to use the funds to expand its business further as it faces increasing competition at home and abroad.

As well as boosting its investments in technology, Uber said it would strengthen its corporate governance.

That could help bring stability to the world’s most valuable start-up after a year of scandals, infighting and the ousting of former chief executive Travis Kalanickin June.

Early adopter

Softbank, the Japanese telecommunications and technology giant, declined to comment on the potential investment when contacted by the BBC.

However, Softbank chief executive Masayoshi Son said last week that “whether we make an investment in Uber, or not, is not decided yet”.

He said a deal would depend on “pricing and the terms and conditions” as most of Softbank’s investment would be used to buy out shares from current investors.

Buying the existing shares would reportedly allow Softbank to take a 14% stake in Uber, while $1bn is said to have been set aside to buy new shares.

Mr Son added that while Uber was struggling with “management issues”, he believed it was still a “good company”.

Sources told the BBC it could take up to a month for the investment deal to be wrapped up.

Once completed, it would mark the latest in a series of overseas investments by Softbank including:

• buying a $3bn stake in the New York start-up WeWork in August
• buying robot-maker Boston Dynamics from Google parent Alphabet for an undisclosed figure
• buying UK technology firm ARM Holdings for $32bn in 2016
• buying a $22bn controlling stake in US telecoms firm Sprint in 2013

SoftBank has not revealed how much of the money to be invested in Uber would come from its technology focused Vision Fund, which has more than $93bn at its disposal.

Mr Son is known to have an eye for potentially transformative industries and trends. He was an early investor in Alibaba and owns close to 30% of the Chinese e-commerce giant’s shares.

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Source: BBC

The post Uber set to sell $10bn stake to Softbank appeared first on Citi 97.3 FM - Relevant Radio. Always.