Foursquare Raises $35 Million Even Though The Majority Of Its Last $41 Million Round Is Still In The Bank
DFJ Growth led the round. Capital Group's SMALLCAP World Fund also invested and former AOL CEO Barry Schuler is joining the Foursquare's board. This round is comprised of entirely new investors; previous Foursquare investors contributed to the $41 million debt round in April. It has raised nearly $140 million total.
Foursquare says it still has the majority of that $41 million in the bank. The new round is "more funding for our operations" and allows additional runway to build out Foursquare's business model, company spokesperson Brendan Lewis says.
This year, Foursquare began doubling down on its revenue-generating efforts. Foursquare is projected to generate $15-20 million in 2013, up from $2 million last year. CRO Steve Rosenblatt recently said Foursquare was closing million-dollar deals with multiple advertisers. The app currently has 45 million users, up from 40 million in September.
Foursquare isn't commenting on its valuation but AllThingsD says it is just above Foursquare's last $600 million valuation.