It has been a week of good news for Foursquare. On Monday, the location-based social networking startup announced that it has more than 10 million members; now it's finishing the week by revealing that it has raised $50 million in a new round of funding.
More impressive than the funding itself is the $600 million valuation that was first reported in TechCrunch, and seems to have been confirmed by The New York Times. Adweek has already written about the company's paltry revenue and the uncertainty around its business model—at the time, the rumored valuation was a mere $500 million.
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