Foursquare might be the unofficial ambassadors of the Big Apple tech scene, but whatever they’ve achieved so far is quite modest. Modest funding rounds, modestly sized userbase (compared to the reigning social new media giants), and a moderately sized staff even by Silicon Alley standards. All this is about to change thanks to a funding round that, according to Dan Frommer, might result in Foursquare being valuated at a billion dollars. Yes, with a ‘B.’
Ridiculous? There are enough people who think so. Keep in mind no other startup in the East Coast has the kind of track record Foursquare does. A smash at a previous SXSW and the darling of the media (including NY Tech Blog), Foursquare’s appeal shines bright enough to attract the biggest VCs around and then some. In his glowing piece regarding the check ins juggernaut’s stroke of fabulous fortune, Dan Frommer (again) didn’t hesitate to mention that Google could be interested in acquiring Foursquare to beef up its presence in the social media front.
Call it ballyhoo, call Foursquare overrated, the fact of the matter is whatever amount Foursquare receives next is going straight to expanding its sales team and getting new engineers. The people at Foursquare must be grinning from ear to ear right now.
Via: Business Insider