Foursquare Raises $20 Million in New Funds

Location-based social networking platform Foursquare has closed its second round of funding, having amassed a total of $20 million in funds.

CNN Money reports that the start-up will go into a hiring spree, but will need to find a bigger office, as there is no more space at the company's current location.

In a statement, CEO Dennis Crowley said: “We have a deep and ambitious road map, we just need people to carry it out.”

Following the first round of funding last year, in which the company raised $1.4 million, the company has now managed to raise a total of $20 million from investors including venture funding firm Andreessen Horowitz, O'Reilly AlphaTech Ventures and Union Square.

This week, the company was given a pre-investment value of $95 million.

Foursquare's user base has been growing at an exceptionally fast rate - the company is on the verge of hitting 1.8 million users, and adds roughly 15,000 new users every day.

Foursquare is a location based social network that allows users to 'check in' to specified places to collect points and rewards.