Foursquare Clutches Its Crown as Location-Based Realm Evolves
Like mechanics building different cars around the same powertrain, makers of many location-based apps work with the platform provided by New York’s Foursquare. Some developers have meshed the check-in system with social connections, while others help movie fans discover the locations where their favorite scenes were shot, among other applications.
In spite of its innovations, however, the buzz surrounding two-year-old Foursquare may have died down somewhat. Other types of technology debuting on the scene such as the social network Google+ and music sharing platform Spotify may be attracting media attention for the moment. But Foursquare seems entrenched enough to control its own future which continues to unfold in the location-based services domain.
Foursquare, which had some 10 million users as of last month, still faces competition from larger players. For example, Facebook Places and mobile app Google Latitude also let users share their locations with others in their networks. Such rival offerings have not dissuaded investor support for Foursquare, however.
In June the company landed $50 million in new funding to help it expand its ranks. The round was led by Andreessen Horowitz and also included investors O’Reilly AlphaTech Ventures, Union Square Ventures, and Spark Capital. Foursquare says some of the funds will … Next Page »