This news has been anticipated for some time, especially following a tweet from Co-founder Dennis Crowley late last week that included a link to Flickr photos of Foursquare's soon-to-be upgraded New York office space.
The funding news puts to rest rumors that Foursquare would be acquired by Facebook or Yahoo. As we've previously argued, we think Foursquare's decision to take on new funding -- in lieu of selling to a major online social site -- is the right move. The startup can stay independent, which leaves them free and nimble to continue pushing the location-sharing landscape in new directions. If Verizon's new ad campaign is any evidence, Foursquare is definitely on the right path.
Update: Co-founder Dennis Crowley has updated the Foursquare blog with the funding news. He writes that the company hopes to use the funds to, "build a world-class engineering organization," and, "develop the next generation of mobile + social + local products that will excite our users and provide unique value for local merchants."