Booyah Raises $20M To Take “MyTown” To The Next Level

Booyah, the company behind the popular “MyTown” geolocation app has raised $20M in a third round of funding to take on fierce competition in the space.

Though it hasn’t seemed to garner as much press as its counterparts like Gowalla and Foursquare, MyTown has long been a hit with users.  The company says its apps are gaining more than 100,000 new users a week and now has two million total  users.  To put it in perspective, that puts it ahead of Gowalla, which claims 250,000 users, and FourSquare, which has 1.1 million.

The company differs slightly from Foursquare and Gowalla in that while it allows users to “check-in,” it also allows users to “buy” venues and charge rent to other users when they visit.  The concept is Booyah’s answer to mayorships, and does a good job engaging users with geolocation and the “gaming” aspect.

MyTown 3.1 was recently released that offers several enhancements such as a check-in limit, add-ons to customize your property and a revamped menu of nearby locations that shows your friends’ favorite destinations and trending places.  MyTown definitely has a shot at becoming a leader in the space if it keeps up its current momentum.