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]