Foursquare, the mobile service that rewards users for providing real-time information on their whereabouts to friends and acquaintances, is now worth more than $250 million, according to Bloomberg’s account of statements by co-founder Naveen Selvadurai.
Foursquare, which Selvadurai said 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.
Selvadurai also said Foursquare is set to double its employee headcount to 120 by year’s end. That would match its doubling in value, as the company was worth a reported $120 million in June of last year.
The company will probably raise another round of funding later this year, Selvadurai told Bloomberg, but is in no hurry to earn that “Profitablity” badge according to co-founder Dennis Crowley.
Update: A Foursquare spokesperson disputes the Bloomberg item. Here is the note she sent us:
I wanted to give you a heads up that the stories circulating about our valuation and fundraising plans aren’t true. Naveen was asked about our valuation in an interview after a panel this weekend, but he didn’t make any comments about this, or suggest that we’re currently thinking about another round of fundraising. Let me know if you have any questions.
We do have questions, and will update when we hear more.
mtaylor [at] observer.com | @mbrookstaylor
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