Foursquare Checks Into $50 Million in Venture Cash
Hot on the heels of its partnership with American Express, Foursquare, the popular location-sharing application, said on Friday that it had raised $50 million in venture financing in a round led by Andreessen-Horowitz.
The start-ups current investors, O’Reilly AlphaTech Ventures and Union Square Ventures, also participated in the round, as did Spark Capital. The new investment places the company’s valuation at $600 million.
The fresh infusion of cash will go primarily towards hiring more employees, particularly overseas, said Dennis Crowley, one of the companys founders.
Were seeing huge international pick-up, Mr. Crowley said in an interview. Were trying to figure out what that expansion looks like do we set up an office, hire international engineers?
Foursquare previously raised more than $20 million in cash from a well-known list of financiers that have backed companies like Twitter, Tumblr and Etsy. The company has been quietly talking to investors since March about raising another round of capital. Foursquare said it decided to raise money to help support the companys skyrocketing growth. In the last year alone, the company said it had more than tripled its employee count to 70, and reached 10 million registered users.
The timing was right, said Mr. Crowley. Theres plenty of work to do with this new money.
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