Foursquare, a US-based, location-based marketing app, has raised $35m series D funding from venture capital investors DFJ Growth and Capital Group, via their Smallcap World Fund.
Foursquare’s existing investors include Union Square Ventures, O’Reilly AlphaTech Ventures, Andreessen Horowitz, Spark Capital and angel investors.
The funds will be used to grow sales and engineering.
Barry Schuler, managing director of DFJ Growth and former chief executive officer of AOL, who has joined the board of Foursquare, said: “Foursquare has pioneered the category and has made stellar progress this year. They are at the proverbial inflection point we love to invest in.”
Dennis Crowley, founder and chief executive officer of Foursquare, said: “I think this round validates what I have been saying for a while — that these new passive awareness technologies are pointing to how we are going to take this company to a new level. The steps we have taken over the last year have made us able to show investors the opportunities we have with the product.”