Seams like mobile and social networking is making the headstrides into main markets. Here is a tidbit from Digiday Daily on a new company, Foursquare that got good attention from investors.
“It’s confirmed: an SEC filing verifies that Union Square Ventures has funded Foursquare, a location-based mobile social application. Union Square’s Fred Wilson also confirmed the funding in his blog, A VC. The popularity of Foursquare’s iPhone application has helped rapidly expand the company’s user base to over 40,000 since its March debut.
Wilson riffed about the app on his blog quite a lot this summer, hinting that he “was playing Foursquare” and that he had a “crush on the service.” Those thinly veiled comments led many in tech circles to wonder when the VC might soon fund the application– which indeed he has, after beating out rival VC firms. In his blog, Wilson called the financing “among the most competitive” he had seen “in a long time.”
The $1.35 million funding round is led by Union Square Ventures but also includes O’Reilly AlphaTech Ventures. Incidentally, USV– run by Wilson and his partners Albert Wenger (who is joining the Foursquare board) and Brad Burnham– was also an early investor in Twitter. Not to say that everything these VCs touch turns to gold, but they have a knack for selecting interesting companies and do their homework. I look forward to seeing how Foursquare expands its service buoyed by this new funding. As Business Insider‘s Dan Frommer points out, “there’s plenty of location- and social-based directions the company can take its service.”
Read the full article here.
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