Foursquare secures $20 million in series B funding, plans expansion

By on Jun 30, 2010 at 7:08 AM
Software June 30, 2010

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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?

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  • Andy

    I love 4Square!

  • Don

    I use it to check in at a couple of my favorite local restaurants/bars, but only because they offer discounts if you check in while you’re there.

  • hemdroid

    I use it too. It’s fun, but some people don’t know how to properly create a new venue. So many times I go somewhere and there are multiple entries for the same place, and most are wrong or no where near the actual location. There needs to be more people who are super users and able to merge and correct things in their area.

  • Modis mo

    Was with my wife and a friend with his wife at a restaurant, checked in on 4S. Saw that the lady (her pic, first name with last initial) at the next table had also checked in. I said hi ‘Sarah’ – and she freaked!

    Love the app, don’t think Sarah is On 4S anymore… Same level of privacy as FaceBook but people may push harder on 4S. They need to put in filters for how comfortable people are about seeing who is near them and vice versa. My own view is leave as is great mobile app.

  • Blackula

    I use it. I wish it was somewhat like loopt so you can see where you at and whats around you know instead of a list of venues.

  • Frank

    I might even join this WORTHLESS cult if they give me a million.

  • Bry

    Most annoying thing to see someone’s checkins constantly on twitter and facebook, especially if they’re an employee at the locations..

  • Cole
  • Joshie

    Maybe they can use some of that money to upgrade their infrastructure and get rid of all those stupid “server time outs”.

  • http://music.kwaping.com Kwaping

    How do they monetize their business to pay that money back? (I’m not a 4sq user.)

  • Eric

    I see there will be several more friends I’ll be blocking in Facebook with this stupid app.

  • http://alghienkad06.student.ipb.ac.id thea

    awesme

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