Foursquare Bags $50 Million

Location-based mobile giant Foursquare has raised a $50 million funding round, according to the company’s blog. Investors included Andreessen-Horowitz, Spark Capital, and previous investors O’Reilly AlphaTech Ventures, and Union Square Ventures. The company plans to add engineers to its current staff of 70, boost its merchant offerings, and expand internationally. Although buzz put the valuation at $1 billion, TechCrunch reports it was actually a more modest (but still sky-high) $600 million.

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