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Saturday, June 25, 2011

New funding for Foursquare

Location-based social network Foursquare has just raised raised $50 million in new funding, with much of the money coming from its current investors. It says the money will help it hire more engineers, develop its services for merchants, expand into new countries and “try a ton of new things”.

The company currently employs more than 70 people and has acquired over 10 million members since launching in March 2009.

[Foursquare blog]

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Categories: Applications, NewsNumber of views: 889

Tags: location foursquare

1 comments on article "New funding for Foursquare"

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Greg

6/29/2011 8:20 AM

The AmEx / Foursquare coupon partnership offer merchants a much better deal than the likes of Groupon do. Although we don’t know the specifics of each merchant participation agreement, my educated guess is that American Express, as part of its strong push to position itself at the forefront of the fast-growing mobile payments industry, is subsidizing a great deal of the coupons’ value. After all, for AmEx this is just another form of a rewards program. This is definitely not the case with the Groupon deals, which typically cost merchants 50 percent of the already heavily discounted coupon’s value. I could never figure out why any merchant would agree to this. blog.unibulmerchantservices.com/why-the-amex-foursquare-mobile-coupon-push-is-good-for-merchants

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