A new round of venture financing has netted location-sharing app builder Foursquare an additional $50 million, putting the company’s current valuation around $600 million.
The fund raising, in the works since March, was supported by original investors O’Reilly AlphaTech Ventures and Union Square Ventures, as well as others such as Spark Capital. Foursquare CEO and one of the founders of the company, Dennis Crowley, says that the money will be used for expanding its employee roster, particularly overseas as the company is “seeing huge international pick-up.”
In the past year, Foursquare has more than tripled its number of employees, to 70, and reported 10 million registered users — though it hasn’t revealed how many of those registered are still active participants.
Read more at the New York Times.