We’ve been saying this for a while now: Foursquare isn’t about badges and mayorships anymore. You need only look at the company’s latest round of funding for confirmation.
Foursquare announced today that it has raised $41 million in a fourth round of funding led by private equity firm Silver Lake Partners. With the additional funds, Foursquare has time to actually build up its business by focusing more on ad operations, sales, and local search features.
Most of the investment is in the form of a multi-year loan from Silver Lake, while the rest is made up of convertible debt from VC firms including Union Square Ventures and Andreesseen Horowitz.
By going for debt funding, rather than equity, Foursquare obfuscates the debate about its value, , Bloomberg reports. Foursquare was said to be worth around $600 million during its last round in 2011, when it raised $50 million. So far, the New York City-based company has raised $112.4 million.
via venturebeat.com
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