Foursquare has raised $35 million [£21.4 million] in Series D funding to banish worries about the company’s future.
The social location service confirmed that it raised the money as a result of a funding round led by DFJ Growth and Capital Group’s Smallcap World Fund.
“This investment means that we can build our vision even faster. And that you guys are going to see a lot more from our team,” stated a post on the company’s blog.
DFJ’s Barry Schuler will join the board of Foursquare as a result of the new investment and the company confirmed that it would use the new funding to grow sales and engineering as well as expand further internationally.
“We think mobile technology and user engagement have caught up to Dennis and the Foursquare team’s vision. Highly-targeted geo delivery of useful content and promotions will be a huge part of the next phase of the Internet’s evolution and Foursquare is the leader,” Schuler told AllThingsD.
COO Evan Cohen added that it is hoping to monetise its mushrooming international user base in various different places including Brazil, Russia and Turkey though deals with a range of resellers.
The new funding will be put towards expanding the workforce in those locations as it currently only has a small office in London whilst the remainder of the 170-strong workforce is located in New York and San Francisco.
The firm’s new advertising approach has won it much admiration over the past year and resulted in Foursquare eventually unveiling a new automatic recommendations service that has made it even stronger.
The success led to rumours that Microsoft was ready to invest in the social location based service to give it an entry into the social media space and that it and American Express were battling it out to plunge dollars into the firm.