Foursquare, a startup website that allows individuals to check in at bars, restaurants and other places with the help of their smartphone, is close to acquiring a new investment that would offer its funds to expand, said a person familiar with the issue.
The funding contract, which has been led by Silicon Valley venture-capital corp., Andreessen Horowitz, is expected to make announcement as early as this week.
The Company had held solemn acquisition discussion with Facebook Inc. and with Yahoo Inc., said people familiar with those negotiations. Yahoo and Facebook did not offer to give their comments regarding the same.
Foursquare is an exceptional startup and they have a lot of admiration, for Chief Executive, Dennis Crowley and his squad, said Andreessen Horowitz’s, Spokesperson Margit Wennmachers.
It was not clear, that how much Foursquare will be able to rise, or what assessment investors have offered on the New York Company through the financial support.
Last September, Foursquare raised $1.35 million in a backing round led by New York venture-capital corp., Union Square Ventures, according to a filing with the Securities and Exchange Commission, which is a comparatively small amount of money for a startup of this dimension and development potential.