Wednesday, June 30, 2010

Foursquare Lands $20 Million Series B Round

Last week at the MOB Conference in New York city, I met with Syracuse University grad Dennis Crowley of Foursquare. Unless you’ve been living under a rock the last three months, you have most certainly seen Dennis’s picture in a business magazine or publication. Foursquare, which really had its coming-out party at SXSW, is a fascinating company which was birthed by Crowley and his team, who also was responsible for Dodgeball, which was purchased by Google.

Here is something his most recent blog post:

Hey all - It’s been quite the year for foursquare. Last year at this time, Naveen and I - tired of working around my kitchen table - borrowed a desk from our friends at and Hard Candy Shell. Two months later we brought on our first hire (Harry!) and a few weeks after closed on our first round of financing: $1.35m from Union Square Ventures, O’Reilly AlphaTech Ventures and a handful of angels. Back then, our office looked like this.Fast forward a year: We’re now 27 people strong. We can’t fit any more desks or chairs in our office so we’re borrowing cubes from our neighbors downstairs. We’re about to hit 1.8 million users and we’re seeing Super Swarms happen all over the world (Indonesia, you crazy!). In short, it’s been an amazing year for foursquare. A huge thank you to anyone that’s ever unlocked a Newbie badge!And with that, we’re excited to announce that we’ve raised another round of capital. Today we closed on a $20m Series B round with Union Square Ventures, O’Reilly AlphaTech Ventures and our newest partner, Andreessen Horowitz. We’re thrilled to have the continued support of our original investors and additional support and expertise from the team at Andreessen Horowitz. The two big names behind Andreessen Horowitz - Marc Andreessen and Ben Horowitz - are each legends in Silicon Valley. They know better than anyone how to transform startups into successful organizations. As we continue to rapidly expand to take advantage of the opportunities in front of us, Ben and Marc’s expertise in growing companies will be invaluable. With this new round of financing, our main priority will be to expand our organization to supplement the amazing core team we’ve assembled already (know any great engineers? send them our way!). We’re hoping to build a world-class engineering organization, based primarily in our headquarters in the New York City to help us develop the next generation of mobile + social + local products that will excite our users and provide unique value for local merchants. The new investment capital will also help fund the infrastructure needed to house our team (we’re finally getting a new office!) and support our growing audience of nearly 2m users.It’s been a crazy year for us and we’re expecting the next 12 months to be even more of an adventure. Look forward to more great product from us soon… we’re really just getting started.- @dens and the rest of team foursquar

Congratulations to Dennis and the rest of the team!

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