Foursquare, a New York-based location intelligence technology, has announced the first close of its $33-million investment led by Simon Ventures, a retail tech-focused venture firm based in New York, and Naver Corp, a Seoul-based search engine business, according to its blog post on Medium.
Union Square Ventures, an existing investor in Foursquare, also participated in the round.
“The first close of $25 million occurred on Friday, we anticipate a secondary close of at least $8 million by year’s end,” Jeff Gluek, CEO, Foursquare said in the blog post.
The firm will use the funds to refine its products, allowing marketers and developers to build location functionality into apps, marketing campaigns and measurement and CRM platforms. “We’ll also be expanding our engineering team and doubling down on R&D, to showcase the breadth and possibilities of our location technology,” he noted.
With this latest round, the company’s total fundraising has reached $240 million to date.
Simon Ventures is a venture fund focused on investing in technology-enabled commerce and is sponsored by Simon Property Group, the world’s largest retail property owner.
Naver Corp, the largest search engine in South Korea, is already a customer of Foursquare and is driving towards search domination in Asia with Foursquare data layered in its tech stack, the blog post noted.
Founded in 2009, Foursquare uses location intelligence to help businesses and consumers make informed decisions and also measure consumer behavior.
Its two apps are Foursquare City Guide that recommends new locations and Foursquare Swarm, that keeps track of user location. The platform already has over 105 million venues mapped around the world.
This allows enterprises, which account for over 90 per cent of Foursquare’s customers, to better understand the places their customers locate, understand advertising success and connect to their targeted audiences.
Foursquare has got over 50 million users for the two platform.
Foursquare’s existing investors include Andreessen Horowitz, DFJ Growth, Morgan Stanley Alternative Investment Partners.