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Foursquare raises $20m as it approaches 2m users

Foursquare, the location-based social networking platform, is fast approaching the two million-user mark, and has raised $20m in fresh funding as it bids to expand and develop new products.

Foursquare: approaching two million-user status

Foursquare: approaching two million-user status

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The disclosure came from the company’s co-founder and chief executive, Dennis Crowley, in a company blog.

The fresh round of funding comes partly from existing venture capital backers, Union Square Ventures and O’Reilly AlphaTech Ventures.

 

Funds are also being provided by Andreessen Horowitz, which is headed by technology entrepreneurs Marc Andreessen and Ben Horowitz.

Crowley said the financing would "help us deliver the next generation of mobile and social and local products that will excite out users and provide unique value for local merchants."

Foursquare has a staff of 27, but is looking to use the money to expand its operation.

In April, one year after launch, it was revealed that Foursquare was on the cusp of hitting the one million-user mark in half the time it took Twitter to reach the milestone.

The platform has become popular with urban dwellers in the US as a source of recommendation for eateries, shops and local attractions. It added London to its list of networked cities last October.

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