Foursquare locks up $20 million in Series B

Location-based mobile social network Foursquare closed a Series B venture financing round valued at $20 million and led Union Square Ventures, O'Reilly AlphaTech Ventures and Andreessen Horowitz. Launched in March 2009, Foursquare is already closing in on 1.8 million users across device platforms including iPhone, Android, BlackBerry, webOS and Windows Mobile--Foursquare users check in at local venues on their mobile device, earning points and even virtual badges for visiting establishments on a regular basis.

Writing on the Foursquare blog, co-founder Dennis Crowley stated the new funding will support an expansion of the startup's staff: "We're hoping to build a world-class engineering organization, based primarily in our headquarters in the New York City to help us develop the next generation of mobile + social + local products that will excite our users and provide unique value for local merchants," Crowley notes. "The new investment capital will also help fund the infrastructure needed to house our team (we're finally getting a new office!) and support our growing audience of nearly 2m users."

For more on the Foursquare financing:
- read this Foursquare blog entry

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