Foursquare, like Twitter before it, is increasingly looking like one of those dumb little ideas that might just be brilliant. The New York City start-up, which makes telling your friends about the bars and restaurants you visit a fun little game, has raise a boatload of venture capital. From TechCrunch:
Foursquare, the geo-mobile startup everybody tried to invest in or buy, now has officially closed its Series B funding round. The 'wire transfer heard 'round the world,' as board member Bryce Roberts puts it, was for $20 million, giving the company a $95 million pre-money valuation.
The investors were Andreessen Horowitz, O'Reilly Alpha Tech, and Union Square.
The move, which was widely anticipated, gives Foursquare a chance to turn itself into a standalone business, rather than selling out to a big social network like Yahoo or Facebook. That was the approach that co-founder Dennis Crowley took with his last start-up, which he sold to Google and which ended badly.