[credit provider=”All Things D” url=”http://allthingsd.com/20110601/marc-andreessen-says-theres-no-bubble-but-hes-happy-if-you-think-there-is/”]
Foursquare just raised $50 Million at a post money valuation of $600 Million. Andreessen Horowitz led the round.Spark Capital joined the round.
No insiders sold stock, unlike last time.
The money will go toward hiring and building out the merchant platform.
O’Reilly AlphaTech Ventures and Union Square Ventures also participated.
It’s a mild upset that Union Square Ventures didn’t lead the round with its new later stage fund.
Here’s CEO Dennis Crowley’s blog post on the news:
Foursquare is not just about the check-in, or recommendations, or points, or badges. It’s about making the world easier to use. It’s about discovering new places, connecting with friends, and forging new relationships with the places you visit. It’s finding new ways to layer technology on the real world. All of our employees believe strongly in this vision, and we’re incredibly lucky to have investors and a board that feel the same way.
Today, we’re really excited to announce that we’ve raised $50 million in funding so that we can keep working towards our goals. The new round, led by Andreessen-Horowitz, includes our current VCs (O’Reilly AlphaTech Ventures and Union Square Ventures), as well as Spark Capital. Having our current investors double down on us is a tremendous gesture of support for foursquare and for the direction we’re headed.
The additional capital will allow us to move more quickly; we can hire more engineers (we’re hiring in New York and San Francisco!), evolve our merchant offerings, expand internationally, and try a ton of new things. In the last year, we’ve grown from 15 employees to over 70, and our community has grown from under 1 million to over 10 million. The opportunity to build something meaningful in the location space is HUGE, and we feel well-positioned to capitalise on it. We’re encouraged by how far we’ve come, and we’re so excited to have such great support, from both our community and our investors, as we work to build what’s next.
Thanks (and looking forward to more great things)!