$50M in Capital Checks Into foursquare

The number 10 million was notable for foursquare earlier this month, as the location-based mobile app reached the 10 million-user mark. The next important number for foursquare: 50 million, but dollars, not users.

The number 10 million was notable for foursquare earlier this month, as the location-based mobile app reached the 10 million-user mark. The next important number for foursquare: 50 million, but dollars, not users.

Co-founders Dennis Crowley and Naveen Selvadurai announced on the foursquare Blog that the company raised $50 million in funding, with Andreesen-Horowitz leading the round and participation from existing investors O’Reilly AlphaTech Ventures and Union Square Ventures, along with newcomer Spark Capital.

The money will be used to expand foursquare’s engineering ranks, continue development of offerings for merchants, grow internationally, and explore new opportunities.

foursquare’s valuation now sits at some $600 million, according to TechCrunch, which added that the company kept its quest for financing quiet, speaking with few firms and leaving out heavyweights such as Kleiner Perkins and Benchmark.

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