1 Comment

Summary:

Foursquare has raised $50 million in a new funding round led by venture capital firm Andreessen-Horowitz, bringing Foursquare’s total venture capital investment to just over $70 million. The new backing will certainly come in handy as Foursquare works to keep its own edge in a growing space.

dennis crowley-cropped

Foursquare has raised $50 million in a new funding round led by venture capital firm Andreessen-Horowitz, the company announced Friday. This latest batch of funding brings Foursquare’s total venture capital investment to just over $70 million.

The New York City-based startup, which provides a service that allows users to share their current location with friends, plans to put the money toward hiring more engineers, developing more offerings for merchants, and expanding internationally, co-founders Dennis Crowley (pictured here) and Naveen Selvadurai wrote in a company blog post announcing the new funding. The blog post reads: “The opportunity to build something meaningful in the location space is HUGE [emphasis theirs], and we feel well-positioned to capitalize on it.”

Foursquare has grown by leaps and bounds since its launch in March 2009. The company, which is set to open a new San Francisco office this month, says it currently has more than 10 million users and more than 70 employees. With a growing list of solid competitors in the location-based social networking space — think Facebook and Google, as well as an ever-expanding list of smaller apps such as Trover — the new backing will certainly come in handy as Foursquare works to keep its edge.

  1. The AmEx / Foursquare coupon partnership offer merchants a much better deal than the likes of Groupon do. Although we don’t know the specifics of each merchant participation agreement, my educated guess is that American Express, as part of its strong push to position itself at the forefront of the fast-growing mobile payments industry, is subsidizing a great deal of the coupons’ value. After all, for AmEx this is just another form of a rewards program. This is definitely not the case with the Groupon deals, which typically cost merchants 50 percent of the already heavily discounted coupon’s value. I could never figure out why any merchant would agree to this. http://blog.unibulmerchantservices.com/why-the-amex-foursquare-mobile-coupon-push-is-good-for-merchants

    Share

Comments have been disabled for this post