Foursquare Nabs $35 Million in Funding, Aims to Spike Monetization

New investors come on board

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Foursquare picked up $35 million in Series D funding and appears to have the fuel to rev up its monetization engines in 2014.

It's going to be a crucial year for the mobile-social app, which has accrued $147 million in investor funding since launching in 2009. It reportedly made $2 million last year, while, per a Fast Company article, the New York-based company could bring in between $15 million and $20 million by the end of 2013.

Investors will certainly be watching closely, including new ones involved in today's development—DFJ Growth and Capital Group's Smallcap World Fund.

"Funding will be used to accelerate progress on passive geo technology and monetization work, begun in 2013," Foursquare said. "In particular, capital will drive increased investment in engineering teams, sales channel growth, and international expansion."

Foursquare says it has 45 million downloads of its app, which has evolved significantly this year in terms of advertising as well as from a usability standpoint.

In October, the firm debuted in-app ads and paid promotions from local businesses to nearby people who are likely to become patrons.

Foursquare recently updated to employ push notifications to let users know about potential places of interest in their locale, while also implementing a Twitter-styled news feed of friends' activity. 

@Chris_Heine Christopher Heine is a New York-based editor and writer.
Publish date: December 19, 2013 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT