Foursquare, a New York-based location-based mobile platform designed to allow users to share their location with friends while collecting points and virtual badges, has raised $50m in funding.
The round was led by Andreessen-Horowitz, with participation from O’Reilly AlphaTech Ventures, Union Square Ventures, and Spark Capital.
The company intends to use the capital to hire more engineers in New York and San Francisco (https://foursquare.com/jobs/), advance its merchant offerings, expand internationally.
Foursquare currently employs around 70 people.
Co-founded in 2007 by Dennis Crowley and Naveen Selvadurai, the platform allows:
– users to bookmark information and receive suggestions about venues that they want to visit. By “checking in” via a smartphone app or SMS, they can earn points and unlock badges for discovering new things;
– merchants and brands to engage and retain customers.
Today, foursquare is used by nearly 10 million worldwide and over 400,000 businesses.