• Business Insider, Wednesday, April 7, 2010 2:41 PM

Top VC's "desperately" want a piece of Foursquare -- which they're valuating at $100 million -- according to Business Insider, but not because they think it's the next Twitter, or that the location-based social network can crack the local advertising nut. On the contrary, Foursquare is so prized because there are so few viable startups at the moment, sources tell Business Insider.

"From [VC's] perspective, there are very few consumer-facing startups with the ambition of Foursquare," sources say. "Foursquare is the only deal to get ... Meanwhile, there's a ton of VCs firms with piles of cash." Also, a willing investor needn't worry about Foursquare ever making it big. Rather, they only need to believe that a cash rich and highly-ambitious suitor like Google or Yahoo will be willing to bet on Foursquare's potential greatness.

Business Insider also offers this reality check.

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