Foursquare raises another $50 million VC funding
Geolocation Mobile App – Foursquare recently hit 10 million users worldwide and is signing deals with major companies who want to integrate with Foursquare on an almost weekly basis.
Foursquare has now raised another $50 Million USD from tech venture capitalists; Andreessen-Horowitz, O’Reilly AlphaTech Ventures, Union Square Ventures, as well as Spark Capital.
Rougly 1 year ago Yahoo made a bid to purchase Foursquare for $90-$100 Million USD but Foursquare wasn’t interested.
This latest round of funding puts Foursquare at a valuation of over $500 Million USD.
Foursquare plans to use the money for hiring more staff in their New York and San Francisco offices so the company can concentrate on further international expansion. Foursquare now has 70 staff between the 2 offices and looking to hire more.
It seems in the world of Social Media, we are still very much consumed in mobile Geolocation applications, and it’s clear location based services will be an important market over the next few years.
In Sydney (and around Australia) many of the cafes near my home/work are consistently running Foursquare specials. It seems the more hip the cafe/bar is, the more likely the are to be offering a Foursquare special 🙂 social media/ location apps = cool!