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Foursquare Checks In Additional Funding, Promises Continued Innovation
Yesterday, Foursquare rolled out version 6.0 of its popular app loaded with new features. Today, founder Dennis Crowley announced that Foursquare has secured $41 million so the company can continue to innovate in the local/social/mobile space.
According to Crowley, the funding comes in the form of new investment from the Silver Lake Waterman growth debt fund and convertible debt from previous investors (Andreessen Horowitz, O’Reilly AlphaTech Ventures, Spark Capital, and Union Square Ventures).
In the update, Crowley compared Foursquare (real-world search) to Google (Internet search):
To us, this is like when Google came and revolutionized web search. Suddenly, you could find things on the internet. The real world is the same way. Four years ago when we started Foursquare, it was really hard to discover a new retro arcade that opened up on a side street, or to make sure you weren’t overlooking the best dish on the menu, or to know a good friend was just around the corner. Sometimes, we think of Foursquare as having the ability to give people superpowers for exploring the real world.
So, the 1,300,000 businesses using Foursquare to market themselves can sleep easy as it appears they won’t be closing their doors soon like other competitors have. See the full article on the Foursquare blog.