Foursquare scores $33m funding round as it continues pivot to location services
- Monday, October 8th, 2018
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Location specialist firm Foursquare has announced the completion of a Series F funding round that will bring in $33m (£25.3m) in equity investment. As it closes in on its 10th anniversary of operation, the former consumer app has pivoted into a leading location technology platform.
The funding round was co-led by strategic investors Simon Ventures and Naver Corp, and by Union Square Ventures. The Series F funding will be put towards helping Foursquare transform the retail and tech industries with its location services, as it seeks to become the most trusted independent platform for understanding location.
Since the companys last funding round in 2016, it has introduced several complementary media, measurement and deveoper tools to the market, most notably Attribution and its Pilgrim SDK. Among its latest enterprise customers are AccuWeather, Tinder, Hilton and Mapbox, bringing the number of developers registered on its platform to over 150,000.
“The funds from this round will help Foursquare realise the next step of our journey,” said Jeff Glueck, CEO of Foursquare. “In this next chapter, we will refine and deeply connect our products, allowing marketers and developers to build location functionality into apps, marketing campaigns and measurement and CRM platforms. Well also be expanding our engineering team and doubling down on R&D, to showcase the breadth and possibilities of our location technology.”