Hi WebNewser readers - we're now a part of mediabistro's SocialTimes.com, bringing you breaking news, guides & tips from the Web world.

Foursquare raises $20M

startup_nation.jpg

foursquareLogo2.jpg Location services startup Foursquare raised an additional $20 million, pegging the value of the company at about $95 million, according to a Wall Street Journal report Wednesday.

The service, which lets users share their current location with their friends via their mobile devices, reported 1.7 million users last month in a Twitter post.

Last September Foursquare received a $1.35 million injection from New York City-based Union Square Ventures, according to an SEC filing.

The investment was led by Silicon Valley VC firm Andreessen Horowitz. The firms founders Marc Andreessen, co-founder of Netscape, and Ben Horowitz, co-founder of Opsware, are “legends,” according to Foursquare co-founder Dennis Crowley.

“They know better than anyone how to transform startups into successful organizations,” wrote Crowley in a Foursquare blog post. “As we continue to rapidly expand … Ben and Marc’s expertise in growing companies will be invaluable.”

Foursquare has also reportedly been in acquisition talks with Facebook and Yahoo.

Related Stories
Mediabistro Course

Content Marketing 101

Content Marketing 101Almost 60% of businesses use some form of content marketing. Starting December 8, get hands-on content marketing training in our online boot camp! Through an interactive series of webcasts, content and marketing experts will teach you how to create, distribute, and measure the success of your brand's content! Sign-up before November 10 to get $50 OFF with early bird pricing. Register now!