This article is about the foursquare a social networking site, which has been introduced last year. It has raised its capital by $20 million dollars. The new investments have decided to place the company at $95 million. The company added the new partner Andreesen Horowitz. Internet pioneer Marc Andreessen who was the founder of the Netscape and Ben Horowitz is leading the venture capital firm of the company.
Facts about the foursquare
Foursquare is basically a social networking site which connects millions of different people from different countries. This social networking site was introduced in the year 2009 in the month of March. This social networking site enables its users to locate their friends through mobile phones also. The site has more than 1.8 million users till the date which means around it adds around 10,000 users everyday. Dennis Crowley is the founder of this new company.
Development of the company
The company has recently raised $20 million dollars from its venture capitalists. Dennis crowlay, the founder and naveen selvadurai his fellow entrepreneur said that the raised capital will be used to develop the infrastructure and technology of the company. He further added that this amount will also help them to employ more people and expand their staff as well as to relocate its company to the city of New York in United States of America. He also commented that this capital will also help them to fulfill the needs and desires of the company and will allow them to take all kinds of technical support too. The foursquare has earlier raised around $1.35 million dollars for the development from some of the popular finance companies like O’Reilly Alpha tech Ventures and Union Squares Ventures which have earlier financed the famous web companies like twitter, tumblr and Etsy. The new investments has decided to place the company at $95 million. The company added the new partner andreesen Horowitz. Internet pioneer Marc Andreessen who was the founder of the Netscape and Ben Horowitz is leading the venture capital firm of the company. Mr. Horowitz commented that the foursquare is getting vast market attention from various mobile services and application. He also added that there are more than 200 million users of the Smartphone’s and still continuing. The company is still building and developing. The company has established its relationship with the more than 10,000 business partners which popular companies include various star bucks, bravo tv, zagat’s and the new York times. The foursquare is not only a mobile company but also offers various advertisements to the customers. Ms Sterling commented that face book and Google are threat to the foursquare. But she also commented that these two companies also have their own problems and limitations. He further added that this amount will also help them to employ more people and expand their staff as well as to relocate its company to the city of New York in United States of America.