O’Reilly AlphaTech Ventures is also participating in the round, which the company plans to officially announce next Tuesday.
USV’s Albert Wenger will join Foursquare’s board.
With almost 40,000 registered users since launching in March, Foursquare is currently mostly used to see which bars or restaurants your friends are at, based on where they “check in” from their iPhone (or other mobile device). But there’s plenty of location- and social-based directions the company can take its service.
Foursquare cofounder Dennis Crowley previously cofounded a similar service called Dodgeball, and then sold it to Google. Crowley later quit Google and Google later shut down Dodgeball. Foursquare recently hired Harry Heymann, the Googler who was last running Dodgeball. (He joins Crowley and Naveen Selvadurai, Foursquare’s founders.)
It became fairly obvious that USV would lead Foursquare’s round when partner Fred Wilson revealed his crush on the service several weeks ago.