Foursquare seeking $500M valuation

Location-based mobile social networking service foursquare is seeking to raise $20 million to $40 million in new funding at a price that would value the startup as high as $500 million, The Wall Street Journal reports. In mid-2010, foursquare raised around $20 million from Andreessen Horowitz and other venture capital firms, placing its value at roughly $100 million. The startup says it has about 8 million users who check in at local venues via mobile device. Article