Popular social network Foursquare announced that it secured $20 million in Series B round with Union Square Ventures, O’Reilly AlphaTech Ventures and new investor, Andreessen Horowitz, which is backed by Marc Andreessen and Ben Horowitz.
The company will use the new money to expand the organization to supplement the core team, as well as to fund the new infrastructure needs.
Foursquare has an audience of nearly 2 million users which keeps growing at around 15,000 new users per day.
Andreessen Horowitz commented on its investment decision: “When you look at the numbers, you’ll see that Foursquare is growing faster than Twitter did at this stage. In particular, their growth has been explosive over the past few months. As importantly, we are very excited about Foursquare’s ability to make money in a way where all parties win: users, merchants, venue owners, brand advertisers, and more.”
My two cents: Foursquare should be working on mobile clients for other platforms, including Windows Mobile, Symbian and possibly even JavaME and Brew.
[Via: CellularNews]