Foursquare, which is a New York based location technology company, today in a report has announced that they have raised an amount of $33M in the funding round of Series F.
The round, which was led by some of the prominent investors which includes the Simon Ventures, Naver Corp. and Union Square Ventures, with participation from Morgan Stanley and Pitango Growth.
The company as of now has a plans to use the funds to refine and more deeply connect its products, allowing marketers and developers to build location functionality into apps, marketing campaigns and measurement and CRM platforms, and expand its engineering team to double down on R&D.
The company which is founded and led by Jeff Glueck, CEO, Foursquare offers hosted technology and data to build context-smart, location-aware apps. Its solutions include Places by Foursquare technology, which powers location data for Apple, Uber, Twitter, Microsoft, Samsung and 100,000 other developers, business solutions such as Pinpoint by Foursquare, Attribution by Foursquare, Place Insights by Foursquare and Pilgrim SDK by Foursquare, which allow brands to understand and connect to targeted audiences as well as measure foot traffic and advertising success.
“The first close of $25 million occurred on Friday, we anticipate a secondary close of at least $8 million by year’s end,” Jeff Gluek, CEO, Foursquare said in the blog post.
Naver Corp, the largest search engine in South Korea, is already a customer of Foursquare and is driving towards search domination in Asia with Foursquare data layered in its tech stack, the blog post noted.
Its two apps are Foursquare City Guide that recommends new locations and Foursquare Swarm, that keeps track of user location. The platform already has over 105 million venues mapped around the world. Its media, enterprise and SaaS solutions are already used by thousands of retailers, restaurant groups, publishers, developers, ad-tech companies and more.
The company has a a team of around 250 people which is based out of New York and offices in San Francisco, Chicago, Los Angeles, Atlanta, Detroit, London, Singapore.
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