According to published reports over the weekend, Foursquare has wrapped up a remarkably hush-hush funding round worth $50 million.
Writing for the Foursquare Blog, company co-founders Dennis Crowley and Naveen Selvadurai said the investment will enable Foursquare try “new things.”
The additional capital will allow us to move more quickly; we can hire more engineers (we’re hiring in New York and San Francisco!), evolve our merchant offerings, expand internationally, and try a ton of new things.
Following the latest infusion of capital led by Andreessen Horowitz, Foursquare now enjoys an estimated $600 million valuation.
When it comes to pushing forward with new growth opportunities, the folks at Foursquare have no shortage of inspiration these days. Earlier this month, two-year old Foursquare topped 10 million users worldwide – users who now drive better than three-million local check-ins daily.
“In the last year,” Crowley and Selvadurai write, “we’ve grown from 15 employees to over 70, and our community has grown from under 1 million to over 10 million. The opportunity to build something meaningful in the location space is HUGE, and we feel well-positioned to capitalize on it. We’re encouraged by how far we’ve come, and we’re so excited to have such great support, from both our community and our investors, as we work to build what’s next.”