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The round was led by venture capital firm Andreessen-Horowitz with participation from existing investors O’Reilly AlphaTech Ventures and Union Square Ventures, as well as Spark Capital.
Foursquare plans to use the funding to hire more engineers in its New York and San Francisco offices, build out its merchant offerings and accelerate international expansion, the company said in a blog post.
Rumors that the New York-based startup was looking for more cash emerged last month following co-founder Dennis Crowley's visit to Silicon Valley. At the time, reports suggested that the startup was expecting to raise between $20 million and $40 million at a valuation of $500 million.