Yesterday, social networking site foursquare announced that it had successfully secured an additional $20 million in series B venture capital funding from: Union Square Ventures, O’Reilly AlphaTech Ventures and Andreessen Horowitz. Foursquare, explains exactly what the VC will be used for:
With this new round of financing, our main priority will be to expand our organization to supplement the amazing core team we’ve assembled already. […] We’re hoping to build a world-class engineering organization, based primarily in our headquarters in the New York City to help us develop the next generation of mobile + social + local products that will excite our users and provide unique value for local merchants.
Currently, foursquare has over 2 million users who voluntarily “check-in” to restaurants, bars, shops, and other locations via their mobile device, earning badges and titles along the way. How many of you out there 4sq?