Foursquare is not going anywhere.
No matter what you think of location-based applications and "checking-in," Foursquare has carved out a niche in computers pockets and has a devoted user base that recently eclipsed 10 million accounts. Investors are rewarding Foursquare with a new $50 million investment led by Andreesen-Horowitz and existing investors O'Reilly AlphaTech Ventures and Union Square Ventures along with Spark Capital, the company announced today.
TechCrunch reports that the new venture round values Foursquare around $550 to $600 million. The company has recently partnered with American Express and Groupon though it is unclear if either of those avenues will provide any substantial revenue bump to the company.
"Having our current investors double down on us is a tremendous gesture of support for Foursquare and for the direction we're headed," Foursquare wrote in a blog post.
Businesses are starting to use Foursquare in interesting ways and the stats tell an interesting tale of just about much engagement the company is really getting with its growth. The company is also working on trying to surface news ways to use its data, such utilizing the implicit connections that are made when users interact with businesses and each other.
In the last year, Foursquare has grown from 15 to 70 employees. Before this new round of funding, the company had raised $21.4 million, mostly from Union Square and O'Reilly.
"The additional capital will allow us to move more quickly; we can hire more engineers," Foursquare wrote. "[We can also] evolve our merchant offerings, expand internationally, and try a ton of new things."