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Foursquare, which tracks and measures location data since 2009, has just raised its largest round of funding so far and made its first acquisition, a Snap Inc., the parent company of Snapchat.
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Foursquare, based in New York, recently raised $ 150 million from The Raine groupand used part of the same funding to acquire his first business: placed who uses location data to measure the effectiveness of advertising.
Founder and CEO David Shim will join Foursquare as president of the company. The company said it would also expand its team to 350 people and open an office in Seattle, located in the former headquarters of Placed.
The acquisition and financing will help Foursquare boost research and development. It will also help him to expand (more details as we learn them).
The objective of this acquisition is to create an independent and trusted geolocation technology platform, enabling advertisers to better understand consumers, the company said.
The last time we wrote on Foursquare in October when she raised $ 33 million from the F-series. At the time, she had switched her social media strategy to the general aggregator of location services data. At the time, our Holden Page say it clearly:
For a start-up in the development phase that has been running for almost 10 years, this is a very modest sum to bring together. Rounds in the final phase are usually huge in 2018 and consistently reach hundreds of millions of people. An F-series ride in 2018 averages $ 148.4 million, according to Crunchbase.
This new $ 150 million investment meets market standards. Finally, if we consider the history of Foursquare funding, it is more than four times larger than in his previous campaign.
Gary Little, managing director of The Raine Group's global investment bank, said in a statement, "We are finding that location-based data and technology underpin some of the biggest fundamental technological changes." He added that the analysis of Foursquare's location data would have an impact on various sectors. , from trade to entertainment.
I met Foursquare's director of communications, Jennifer Yu, a few weeks ago, who said that the company was extremely sensitive to the way it follows and talks about location data. Now, the location company has acquired another location company. Priority is therefore given to how the company, which has been in existence for 10 years, will meet the 2019 standards for data security.
Illustration credit: Li Anne Dias
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