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  • 06.30.10

Foursquare Scores $20 Million From Venture Capitalists

Foursquare announced today that they’ve secured $20 million in additional funding from venture capitalists, including Silicon Valley veterans Andreessen Horowitz.

Foursquare

Perhaps that’s why Silicon Valley veterans Andreessen Horowitz (Marc Andreessen is a co-founder of Netscape) decided to become major investors. Along with Foursquare’s existing benefactors like O’Reilly and Union Square Ventures, Andreessen Horowitz scrounged up $20 million in funding for Foursquare, just as predicted. Says Ben Horowitz, the other half of Andreessen Horowitz (duh):

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“There are already over 200 million smartphones out there and growing
fast,” he said. “We’d like to see them build out the company to capture
that opportunity.”

Foursquare has apparently decided not to sell to another company (there’ve been rumors involving both Facebook and Yahoo) to focus on their own business. That $20 million will mostly go toward infrastructure, including the hiring of new employees and moving the company’s office space to a New York City headquarters.

Dan Nosowitz, the author of this post, can be followed on Twitter, corresponded with via email, and stalked in San Francisco (no link for that one–you’ll have to do the legwork yourself).

About the author

Dan Nosowitz is a freelance writer and editor who has written for Popular Science, The Awl, Gizmodo, Fast Company, BuzzFeed, and elsewhere. He holds an undergraduate degree from McGill University and currently lives in Brooklyn, because he has a beard and glasses and that's the law.

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