• Bloomberg Businessweek, Monday, January 24, 2011 1:17 PM

Foursquare is looking for another round of funding at a valuation of $250 million, the company's co-founder Naveen Selvadurai tells Bloomberg. Also, according to Selvadurai, the location-based social network will likely double its workforce to 120 employees by the end of the year.

By June, Selvadurai predicts that Foursquare will have 10 million users -- up from 6 million at the moment. As Selvadurai tells Bloomberg, "Other sites want to keep you inside at the computer, while our entire goal is to get you out of the house." That's obviously discounting location-based services now offered by Facebook and Twitter, which increasingly threaten Foursquare's prospects. Still, according to Bloomberg, "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." Separately on Monday, Foursquare boasted a growth rate of 3400% in 2010.

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