paidContent - Social App Foursquare Takes in $1.35 Million in Funding From Union Square
This story was written by Rafat Ali.
Foursquare, the hot iPhone social app that allows you to broadcast your location to your friends, is almost done raising its seed round of $1.35 million, according to a SEC document just filed. The new money is from, who else, Union Square Ventures, which is also an investor in Twitter. Albert Wenger from Union Square is on the board of Foursquare now. Update: the other investor in the round is OReilly AlphaTech Ventures. (via TC)
The company was founded by Dennis Crowley, the founder of social service Dodgeball which was sold to Google (NSDQ: GOOG) and then summarily dumped (or the other way around). This comes as the company, at this exact moment, is having some database issues, so the money could be well spent on scaling the infrastructure, among other things. The company has just released a Google Android app, and is shortly going to release a Blackberry app as well. More in this Gustin-gush about the company founder.
Also coincidentally, Foursquare rival Loopt just got a big boost from AT&T (NYSE: T), where its app is now running in the background on iPhone, allowing users to automatically update their location on the iPhone and be alerted to when their friends are nearby; Tricia has more on it here.
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By Rafat Ali