A number of top-tier VC firms are competing to be the major player in foursquare.com’s next round of venture funding…and, apparently, all the interest is causing the company’s valuation to skyrocket.
Since TechCrunch reported a few weeks back that the round could be around $50 million, interest in foursquare has increased–a report last week estimated that foursquare’s worth could be close to $80 million on paper!
Back in September, after its last venture capital raising of $1.35 million from Union Square Ventures and O’Reilly AlphaTech Ventures, the company moved its domain over to foursquare.com (from playfoursquare.com.) In addition to the domain move, foursquare hired a design firm to do a sleek redesign of the site–since then, they’ve made updates to their mobile apps, as well.
Moving forward after this next venture capital round, foursquare will have to step up to the plate (or, blacktop, if you will…) Its service has been a bit quirky lately–a number of users have reported strange things happening with their points, not to mention its going dark at the end of March.
With other geolocation competitors like Yelp (which now allows users to check-in) and Gowalla, it’s going to be a rough fight in the schoolyard to earn and keep the title of King of the Hill.
Tags: competitors, foursquare, geolocation, O'Reilly AlphaTech, playfoursquare.com, redesign, Union Square Ventures, valuation, VC, Venture Capital