It’s been an amazing few months for the location-based startup.
Led by their hard-partying, boy king founder Dennis Crowley, the company – still just a few dozen employees – continues to roll out features at a rate befitting of much larger organisations.
Foursquare vowed to fight back, and they are succeeding.
Given the company’s rapid rise, it will soon find itself in the elite, $1 billion club.
Foursquare hit 10 million users.
Then, more impressively, they closed a $50 million round that valued the company at $600 million. The money came from Andreesen Horowitz, Spark Capital, O'Reilly AlphaTech Ventures, and Union Square Ventures.
They also debuted a new app, which made checking-in extremely easy.
First, Foursquare was sharing space on the Left Coast with Square. Then, it moved into a basement room. Finally, the company found a real office for its 15 employees in San Francisco.
The space is large and mostly empty, clearly primed for more expansion.
The company was serving up 3 million check-ins per day - up 50% from February - from its 10 million users. The numbers indicated that engagement was extremely strong.
And they had signed up 500,000 merchants, impressive for a company whose marketing platform consisted almost entirely of word-of-mouth.
With the self-serve business pages, any company or brand could create their own space in Foursquare.
'Brands sign up with their Twitter account, and they can share their tips and check-ins on Facebookand Twitter. The pages also allow for multiple account managers, which is useful for big organisations.'
The move was another way to draw ever more merchants and other companies to Foursquare. Eventually, this could generate revenue.
Have a place you'd like to go but can never remember? Put it on a list.
Or, thought of another way, Foursquare invented the 'future check-in.' The service allows people to plan trips and brands could create lists such as places to 'check in like a superstar.' (Oh People.)
In the process, they killed startups including Matchbook, Gtrot, SpotOn, and a few others.
It wasn't a big feature, but it was perhaps the biggest sign of Foursquare's growing visibility: the White House created an account.
The move was also a sign of how the location-based service will play a role in the 2012 election. Expect an increasing number of politicians to join
Foursquare is big, and it's only going to get bigger.
Best of luck to Dennis Crowley and his team.
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