Foursquare very close to raising new funds

29 Jun 2010

Geo-location social-networking player Foursquare is close to getting new funding that will allow it to expand, in spite of overtures for acquisition by Yahoo and Facebook.

According to reports at the weekend, the funding will be led by Silicon Valley venture capital player Andreessen Horowitz and details could be officially revealed this week.

Until recently, Foursquare was the subject of a bidding war between Yahoo and Facebook, with Yahoo tipped to have been prepared to pay as much as US$100m for the geo-location player.

Facebook is strongly rumoured to be planning its own geo-location tool while Twitter’s Places service, which lets users tag their messages with their location, will be available soon in 65 countries.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years