Foursquare raises “validating” $35 million Series D

Maybe it’s not doing so bad after all: All Things D‘s Kara Swisher reports that Fousquare has closed a $35 million Series D round, led by DFJ Growth and the Capital Group’s SMALLCAP World Fund. Swisher says that the round does not significantly raise the previously estimated $600 million value of the company, but it’s definitely better than the $41 million in convertible debt it took earlier this year. Crowley told Swisher that the money “validates” Foursquare’s transformation into a “smart” passive location app, but it’s still early days — Foursquare still needs to perform before that will be true.