Foursquare claims 3400 percent growth in 2010

Foursquare claims 3400 percent growth in 2010

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US: Social check-in service, Foursquare, claimed on its blog that the company has grown around 3,400 percent, showing that despite stiff competition in location-based services (LBS), the company is steadily strengthening its presence.

Meanwhile, co-founder Naveen Selvadurai said that Foursquare is now valued at USD 250 million and will likely raise another round of funding this year. Despite those impressive numbers, however, the service still has some distance to go before it can claim to be mainstream, observes a report published in GigaOM.

According to the report, there are a lot of people hoping the company can cross that chasm this year. At the DLD conference in Germany, founder Dennis Crowley, confirmed reports that Facebook and Yahoo made acquisition offers for the company last year, which were turned down in favour of raising a financing round that valued the company at USD 120 million. According to his co-founder, that value has since doubled.

In addition, the report quotes that while 3,400-percent growth is nothing to sneeze at, there are still indications that Foursquare — and location-based services in general, including Facebook Places and Gowalla — have yet to make much of a mark on the public consciousness, even with regular Internet users. According to a Pew Research Center report just a few months ago, only about four percent of Internet users said they had used a location-based service, and only about one percent made use of such services on a daily basis.

Crowley, meanwhile, said the service is a lot larger than most people think it is, with about 40 percent of its traffic coming from outside the US. In an infographic posted to the Foursquare blog, the company illustrated some of the milestones and interesting facts about its growth — including the fact that it has seen over 380 million “check-ins,” and that more than 220 people named Wendy have checked in at the Wendy’s restaurant chain.

Source: GigaOM