Fast forward a year: We’re now 27 people strong. We can’t fit any more desks or chairs in our office so we’re borrowing cubes from our neighbors downstairs. We’re about to hit 1.8 million users and we’re seeing Super Swarms happen all over the world (Indonesia, you crazy!). In short, it’s been an amazing year for foursquare. A huge thank you to anyone that’s ever unlocked a Newbie badge!
And with that, we’re excited to announce that we’ve raised another round of capital. Today we closed on a $20m Series B round with Union Square Ventures, O’Reilly AlphaTech Ventures and our newest partner, Andreessen Horowitz. We’re thrilled to have the continued support of our original investors and additional support and expertise from the team at Andreessen Horowitz. [blog.foursquare.com...]
6:47 pm on Jun 30, 2010 (gmt 0)
It's a game, you earn badges, instead of characters on a screen running around you ARE the character being followed by GPS... but it's just a game. 20 million is a lot of money to essentially try to get users to create reviews for you, especially since you never know how valid the reviews are (people say anything to get badges).
I guess I missed the bus on understanding what the draw is on this one.
9:42 pm on Jun 30, 2010 (gmt 0)
Just goes to show you that they never learn and that a VC (fool) and his money are soon parted.
I'm actually shocked FourSquare has more than 5 people working in a garage on a site like that.
What in the heck do 27 people do there?
1:26 am on Jul 1, 2010 (gmt 0)
Probably 95% of their deals are at a loss anyway, the VCs only make money if they hit a Google or Netscape here and there.
2:40 am on Jul 1, 2010 (gmt 0)
Twenty million for...what? Seems like (very) thin air to me. But then I'm not a millionaire, so what do I know...
4:57 am on Jul 1, 2010 (gmt 0)
good for the founders.
Personally, I am looking for someone who invents nanoblogging (you know, 40-character messages instead of 140) and cashes $100M in first round funding.
6:17 am on Jul 1, 2010 (gmt 0)
Expensive office space..I guess..
Now with all those fancy cars and stuff, they will need more funding to maintain all that equipment and then hire more people to design better cubicles.. parking space etc..