Microsoft Invests $15 Million In Foursquare And Strikes A Deal For Its Location Data

It's a big day for Microsoft.

Not only did it officially announce its new CEO, but the company just revealed that it has made a $15 million strategic investment in Foursquare.

The company also made a licensing deal with Foursquare that will let Microsoft use Foursquare's data in its products. Foursquare's dataset is one of the most valuable assets of the company, and already powers the location services on apps like Uber, Instagram and Pinterest.

"This is a big deal for us," Foursquare CEO Dennis Crowley, whose company just raised a $35 million Series D in December, told Fast Company. "It started off as partnership talks, but those conversations ended up leading to strategic investment conversations."

Microsoft now has more skin in the game when it comes to Foursquare's success, and will benefit from getting the company's potent location data. However, Foursquare's deal with Microsoft is nonexclusive, meaning it could make other partnerships down the road.