Foursquare gets $50M to 'make the world easier to use'

Funding round was expected, and comes in a week when Foursquare hit a significant milestone of 10 million registered users.

Foursquare has raised $50 million, mostly from its existing investors, the company announced today.

The round was expected, and comes in a week when Foursquare hit a significant milestone of 10 million registered users.

It was led by Andreessen Horowitz and included O'Reilly AlphaTech Ventures and Union Square Ventures, as well as new investor Spark Capital.

TechCrunch reports the valuation is $600 million.

Foursquare is often maligned for not being a serious company, so for the occasion of the funding, founders Dennis Crowley and Naveen Seldurai wrote on their blog a sort of long-form mission statement about their future:

Foursquare is not just about the check-in, or recommendations, or points, or badges. It's about making the world easier to use. It's about discovering new places, connecting with friends, and forging new relationships with the places you visit. It's finding new ways to layer technology on the real world. All of our employees believe strongly in this vision, and we're incredibly lucky to have investors and a board that feel the same way.

Foursquare had raised a $20 million round about a year ago and angel funding in the fall of 2009.

Featured Video
6
This content is rated TV-MA, and is for viewers 18 years or older. Are you of age?
Sorry, you are not old enough to view this content.

The problem with hoarding photos on your phone

Do you have hundreds (or thousands) of photos on your phone? This one's for you.

by Sharon Profis