Report: Microsoft Mulling Foursquare Stake
Microsoft is in talks with Foursquare about make a strategic investment in the location-sharing service, according to a Bloomberg report, citing people with knowledge of the discussions. The news organization reported earlier today that Foursquare was negotiating with multiple large technology companies about a potential investment.
The news follows steps by Foursquare in recent months to beef up its ad offerings and better monetize the 50 million monthly visitors it gets. In July, the company announced it was opening up its self-serve ad platform to small businesses widely after testing with a smaller number of businesses in prior months.
Chief Revenue Officer Steven Rosenblatt told Bloomberg the company was on track to beat sales goals for the year though he declined to provide further detail. Foursquare last year had just $2 million in revenue, but Foursquare investor told Fast Company recently that revenue was four times that amount already by midyear, suggesting full-year 2013 sales could reach between $15 million and $20 million.
Foursquare in April secured $41 million in debt financing as it continued to refine its business model and product. Earlier today, Foursquare introduced an updated Android app that sends users location-based recommendations without requiring them to check in to a place.