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Foursquare raises $20 million Series B investment led by Andreessen Horowitz

US-based geo-mobile startup Foursquare, which allows users to broadcast their location to friends, has closed $20 million Series B investment led by Andreessen Horowitz and participated by existing investors Union Square Ventures and O’Reilly AlphaTech Ventures. In September 2009, Foursquare raised $1.35 million from Union Square Ventures, O’Reilly AlphaTech Ventures and some angels.

US-based geo-mobile startup Foursquare, which allows users to broadcast their location to friends, has closed $20 million Series B investment led by Andreessen Horowitz and participated by existing investors Union Square Ventures and O’Reilly AlphaTech Ventures. In September 2009, Foursquare raised $1.35 million from Union Square Ventures, O’Reilly AlphaTech Ventures and some angels.

Foursquare is now worth $95 million pre-money or $115 million post-money. Founded March 2009, Foursquare currently has about 1.8 million users. The company has 27 people on board. According to Dennis Crowley, co-founder and CEO, Foursquare, the funding would be used on “new office space, more engineers and churning out new product.”

Ben Horowitz of Andreessen Horowitz has said, “We are very excited about Foursquare’s ability to make money in a way where all parties win: users, merchants, venue owners, brand advertisers, and more. In fact, users have been so excited about the product that they have actually been signing up local businesses to run promotions for Foursquare’s mayors and active users.”

“When you look at the numbers, you will see that Foursquare is growing faster than Twitter did at this stage. In particular, their growth has been explosive over the past few months — they just hit 1 million users in April and now they are approaching 1.8 million, adding around 15,000 users per day,” Ben Horowitz has added.

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