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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.