Foursquare Labs, the wireless service that lets users broadcast their whereabouts to friends, is valued at more than $250 million and will probably hold another round of financing later this year.
The service, with more than 6 million users, "pulls in some revenue from big brands," although it's not yet interested in offering shares to the public, co-founder Naveen Selvadurai said.
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 and Twitter.
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.
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