“Check Ins” Propels Unprecedented Growth, Foursquare Worth $250M
Web and mobile application Foursquare posts a revealing, but not surprising update on its massive growth. At press time, anything or anyone that has been associated with social networking champion Facebook gets funding and incessant support from all sides.
SiliconAngle’s Tom Foremski noted in one of his articles that the high valuation of Facebook on secondary share markets and IPOs attract the appetite of investors to invest in businesses with bright future. However, this scenario might pass for another social-media bubble as described by Maria Deustcher in her report this morning. This growing tech bubble has raised concerns, especially with massive investments coming up for Facebook and Groupon.
Check out the insane numbers and interesting “check ins” that Foursquare recorded:
Total check ins: 381,576,305
Last check in country: North Korea
Biggest event: Rally to Store Sanity in Washington DC with 30,525 check ins
Check in from Space: 1 check-in dated October 22, 2010 came from International Space Station (How cool was that?)
In an interview at the MIDEM music industry conference in Cannes, co-founder Naveen Selvadurai expresses huge expectations on user signups for 3rd quarter of 2011: “Foursquare will probably have 10 million users by June, faces increasing competition from location-based services now offered by social media sites Facebook Inc. and Twitter Inc. Foursquare expects to profit by forming more partnership with local businesses and offering more recommendations, including places to have dinner or grab a drink after a music concert or show.”
With user number 6,000,000 signed up last week and a value pegged at $250 million, Foursquare definitely is a location-based social networking website and software for mobile devices to watch out for. These great developments may also help the company get more funding this 2011 and may double employees count and reach 120 EOY. Before 2010 closed, the company updated its Android and iPhone Apps features with the addition of photos and comments.
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