Foursquare May Get New Investment From Venture Capitalists

Foursquare, a website that allows users to "check-in" at locations such as bars and restaurants using their smartphones, may soon obtain a new investment to help it expand, The Wall Street Journal reported.

The deal would be led by Silicon Valley venture-capital firm Andreessen Horowitz, The Wall Street Journal said without naming its sources. The size of the investment is not yet clear, but it may be announced this week.

Foursquare was launched in March 2009 and now has 1.7 million users. Its staff has expanded from five people in January to 27 today.

The website is "an outstanding startup," Andreeseen Horowitz spokeswoman Margit Wennmachers told The Wall Street Journal.