Foursquare raises $35 mn to build its vision for ‘passive location awareness’

Foursquare raises $35 mn to build its vision for ‘passive location awareness’

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US: Foursquare, location-based social networking service, has raised $35 million [£21.4 million] in Series D funding to banish worries about the company’s future. The company confirmed that it raised the money as a result of a funding round led by DFJ Growth and Capital Group’s Smallcap World Fund. As part of the investment, Barry Schuler of DFJ is joining the Foursquare board.

Foursquare CEO and co-founder Dennis Crowley and COO Evan Cohen noted that the company would use the funds to continue to grow sales and engineering and expand further internationally.

“I think this round validates what I have been saying for a while — that these new passive awareness technologies are pointing to how we are going to take this company to a new level,” said Crowley, who noted that Foursquare now offers marketers six monetisation options, up from two a year ago. “The steps we have taken over the last year have made us able to show investors the opportunities we have with the product.”

Source: All Things