Now we know why Foursquare raised $1.35 million from Union Square Ventures and O’Reilly AlphaTech Ventures: Not for more engineers or servers, but so the guys could go domain shopping.
Sometime over the weekend, Foursquare switched its domain over to foursquare.com. It had previously used playfoursquare.com. We assume foursquare.com wasn’t excessively expensive, but not free, either. (Update: Foursquare cofounder Dennis Crowley declined to disclose the purchase price or previous owner, but says the company couldn’t have bought it before it received financing.)
This sort of activity is not uncommon: Starting off with a “free” domain before a product gets traction — and a wad of cash to buy a better one. Facebook, for example, famously started out as thefacebook.com, but later bought and switched over to facebook.com.
What’s Foursquare? An NYC-based startup that lets you see which bar/restaurant/store your friends are at, based on where they’ve “checked in” from their iPhone, Google Android phone, etc. More about the funding and the company here and here.
Via Rex Sorgatz