Foursquare prefers more venture capital to Yahoo takeover talks
Tuesday 29 June 2010
Foursquare, one of the hottest start-ups in the New York technology scene, is close to raising money to expand its social networking business, which allows users to share their location with friends.
The company has chosen to take additional venture capital money rather than pursue takeover talks with internet giant Yahoo, which is believed to have made an informal approach. Foursquare has more than doubled its user base in the past three months, to 1.7 million users. The Silicon Valley investor Andreessen Horowitz is understood to have decided to put money into the venture, and industry rumours suggest the investment could value Foursquare at $80m. It is unclear how large the fund-raising will be, although it has previously been reported that Mr Horowitz will put in $10m.
The company, founded only 15 months ago by entrepreneurs Dennis Crowley and Naveen Selvadurai, is leading a wave of geo-location applications for iPhones, Blackberries and other smartphones. Users "check in" to their current location, while Foursquare hopes that businesses will pay it to advertise to these users and to offer them special deals. It has expanded from just five to 27 employees as the service has grown around the world.
"We are picking up 100,000 users every 10 days," Mr Crowley told The Wall Street Journal. Almost half use the service by checking in at least once a month after signing up, he said.
- 1 Ashya King missing: Police hunt five-year-old boy with brain tumour snatched from Southampton hospital by his parents
- 2 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
- 5 Friends reunion: Jennifer Aniston, Lisa Kudrow and Courteney Cox perform mini sketch on Jimmy Kimmel Live
Ashya King missing: Police hunt five-year-old boy with brain tumour snatched from Southampton hospital by his parents
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Californian drought is so severe it's 'causing the ground to move'
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...
£400 - £500 per day: Orgtel: Test Manager - Banking - West Yorkshire - £400-£5...
£450 - £500 per day: Orgtel: SAS Developer, Chester, Banking, DI Studio, £450-...