Foursquare, the US-based location intelligence platform developer backed by property developer Simon, internet group Naver and media company O’Reilly, has secured $150m from merchant bank Raine Group, TechCrunch has reported.
Founded in 2009, Foursquare has developed a mobile app that provides users with personalised search recommendations based on their current location, browsing history and previous ‘check in’ locations. It also offers Swarm, an app that allows users to share their locations and ‘check ins’ with friends and family.
In addition to its consumer-facing apps, Foursquare has also developed Attribution, a product that enables brands to track the impact of digital campaigns based on in-store customer visits.
A portion of the Raine funding will support the acquisition of Placed, a user-location data tracking app owned by messaging platform Snap, for an undisclosed amount. Snap paid $135m to acquire Placed in mid-2017.
Foursquare’s Attribution product will be combined with Placed to create a platform that is partnered with more than 50% of the companies in the Fortune 100, and which counts in excess of 450 measurable media partners including Twitter, Snap and audio streaming platform Pandora.
Jeff Glueck, chief executive of Foursquare, told TechCrunch the remaining capital will go toward accelerating research and development plans.
Simon Ventures, Simon’s corporate venturing subsidiary, co-led the $25m first close of Foursquare’s series F round in October 2018 with Naver and venture capital firm Union Square Ventures (USV).
Investment banking firm Morgan Stanley and Pitango Growth also backed the round, which was expected to reach $33m, though the company did not provide any information concerning a final close.
USV had previously led the company’s $45m series E round in 2016, investing together with Morgan Stanley’s Alternative Investment Partners unit as well as DFJ Growth, Andreessen Horowitz and Spark Capital.
Foursquare received $35m in series D funding from Capital Group and DFJ Growth in late 2013, after Silver Lake Partners led a $41m convertible debt round earlier the same year. The former round reportedly valued the company at about $650m, twice that of the 2016 round.
O’Reilly Alphatech Ventures (OATV), the corporate venturing arm of O’Reilly, took part in the company’s $50m series C round in 2011, alongside Andreessen Horowitz, USV and Spark Capital at a reported $600m valuation.
The trio had initially participated in a $20m series B round in 2010, with OATV and USV having contributed to a $1.4m series A round the year before.