The one and a half year old location-based social sensation Foursquare has just secured a $20 million Series B investment led by VCs Andreessen Horowitz, with Union Square Ventures and O'Reilly AlphaTech Ventures also participating. According to Business Insider:
- Foursquare can finally start working on its product again after moving a lot of resources to building out its infrastructure, which was crumbling after its huge growth.
- Foursquare can finally start hiring again because it's moving into bigger offices. Before, it couldn't physically put more people in the room.
- For the forseeable future, Foursquare will continue to be one main app -- not a bunch of apps for different purposes.
The deal values the company at $95 million pre-financing.
We have several players in our office and the competition is really heating up... Congrats Foursquare! We look forward to seeing more great stuff now that you've got the money behind you.