Foursquare Closes $20 Million Series B From Andreessen Horowitz, Union Square, And O'Reilly
Summary
CEO Dennis Crowley says the fundraising was “a lot of work” and plans to use the money to staff up and keep adding to the product. “We’ve been dreaming up these things for the past 10 years and now we have the opportunity to build them all.” The money will also help pay for more office space. His 27 employees are already too big for the startup’s current New York City offices, and Foursquare is about to move into new digs upstairs in the same building. The geo check-in service that lets you broadcast your location to all your friends is hitting a nice growth curve, adding 15,000 users a day. “If you look at what those guys had to walk away from—generations of your people being set financially in order to try to build a great company—that takes a lot of courage.” As far as making Foursquare a great company that makes a lot of money, Horowitz says the “monetization” opportunities are “very obvious and straightforward.” There are many ways Foursquare can start charging businesses once it reaches a larger scale.
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