Social location service Foursquare has closed a new funding round for $50 million, led by Andreessen-Horowitz with participation from O’Reilly AlphaTech Ventures, Union Square Ventures and Spark Capital. The round is thought to value Foursquare at around the $600 million mark, with the company’s founders saying it will be used to hire new engineers, launch new offerings for merchants (venues and businesses) and expand internationally. “Foursquare is not just about the check-in, or recommendations, or points, or badges. It’s about making the world easier to use. It’s about discovering new places, connecting with friends, and forging new relationships with the places you visit. It’s finding new ways to layer technology on the real world,” they explain. “The opportunity to build something meaningful in the location space is HUGE, and we feel well-positioned to capitalise on it.”

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