The long dalliance between investors and Foursquare appears to almost be consummated. According to a Tweet by Foursquare board member Bryce Roberts of O’Reilly AlphaTech Ventures, about an hour ago he was “approving the wire transfer heard ’round the world.”
That would be the wire transfer from the new group of investors led by Andreessen Horowiitz, as we reported a few weeks ago. Despite being one of the hottest startups around, or perhaps because of it, Foursquare took along time to close this round. Mostly that was because the company got distracted by acquisition talks with Yahoo and Facebook. When I asked Foursquare CEo Dennis Crowley about this drawn out process ten days ago, he responded, “You don’t have to rush through it.”
There is still no official announcement yet from Foursquare on the funding, the exact amount raised or other investors involved, but I am pretty sure more details will be forthcoming shortly. Sometimes VCs get so excited they like to break news themselves, I guess.
Foursquare is a geographical location based social network that incorporates gaming elements. Users share their location with friends by “checking in” via a smartphone app or by text message. Points are awarded for checking in at various venues. Users can connect their Foursquare accounts to their Twitter and Facebook accounts, which can update when a check in is registered. By checking in a certain number of times, or in different locations, users can collect virtual badges. In addition, users...
Andreessen Horowitz is a $2.5 billion venture capital firm that was launched on July 6, 2009. Marc Andreessen, Ben Horowitz, John O’Farrell, Scott Weiss, Jeff Jordan, and Peter Levine are the general partners of the firm.