Foursquare Says Bloomberg Got Its Funding News Wrong*

Photo: Business Insider

Update II: Bloomberg PR tells us they stand by their reporting.Update: Foursquare PR tells us “the Bloomberg story that’s making the rounds today has some inaccuracies in it.”

“Naveen was asked about our valuation in an interview after his panel, but he didn’t confirm anything, and didn’t suggest that we’re currently in the process of fundraising. “

Earlier: Foursquare expects to raise another round of financing at valuation above $250 million, Foursquare cofounder Naveen Selvadurai told an overseas conference this weekend.

Foursquare raised $20 million last summer at a $120 million valuation. That’s helped it hire 120 employees and serve more than 6 million users.

Selvadurai says Foursquare will double its headcount and reach 10 million users by June.

Bloomberg first reported his remarks.

At another Euro conference this morning, Foursquare CEO Dennis Crowley talked about turning down $250 million plus acquisition offers from Facebook and Yahoo last summer:

“It’s just too early to get off the ride. There are so many other things we haven’t done. There’s so much opportunity. We want to just keep pushing at it. It was a gamble, but with the team we’ve assembled it seems like its paying off. The investors have been incredibly supportive. They want to see us shoot for the moon.”

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.