Tuesday, June 29, 2010

Foursquare's new value: just over $100 million

Foursquare, that annoying location based social network that your friends invited you to, you used once and then never visited again...yeah, that one, is now worth an estimated $100 million based on a venture capital investment valued at just twenty million.

The company, which runs a website where users can become 'Mayors' of any location from Mexican run cafes to Asian massage parlors, has raised money from venture capitalists before, but never on such a scale before.

It was rumored that Yahoo had placed a bid for Foursquare, which has been reluctant so far to any notion of selling out.

Kara Swisher, of the Wall Street Journal's technology blog All Things Digital, says that the site has been overhyped. It seems that each new social network seems to deal with a subject or purpose that is even more trivial than the last.
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