Liz Gannes

Recent Posts by Liz Gannes

Foursquare Gets $50M to “Make the World Easier to Use”

Foursquare has raised $50 million, mostly from its existing investors, the company announced today.

The round was expected, and comes in a week when Foursquare hit a significant milestone of 10 million registered users.

It was led by Andreessen Horowitz and included O’Reilly AlphaTech Ventures and Union Square Ventures as well as new investor Spark Capital (the picture here is from Spark Capital partner Bijan Sabet’s blog).

TechCrunch reports the valuation as $600 million.

Foursquare is often maligned for not being a serious company, so for the occasion of the funding founders Dennis Crowley and Naveen Seldurai wrote on their blog a sort of long-form mission statement about their future:

Foursquare is not just about the check-in, or recommendations, or points, or badges. It’s about making the world easier to use. It’s about discovering new places, connecting with friends, and forging new relationships with the places you visit. It’s finding new ways to layer technology on the real world. All of our employees believe strongly in this vision, and we’re incredibly lucky to have investors and a board that feel the same way.

Foursquare had raised a $20 million round about a year ago and angel funding in the fall of 2009.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work