Foursquare Raises $41 Million to Prove Business Model Can Work

Foursquare hasn't checked out just yet.

The social check-in service has raised another round of financing totaling $41 million, led by Silver Lake Partners with contributions from Andreessen Horowitz, Union Square Ventures, Spark Capital and O'Reilly AlphaTech Ventures, the company announced on Thursday. The latest financing is a mix of loans and convertible debt.

The goal of the new round, according to Foursquare's co-founder and CEO Dennis Crowley (pictured), is to help the company prove once and for all that it has a viable business model. "This allows us to get closer to being able to prove that there’s a real business here," Crowley told Bloomberg Businessweek, which was the first to report the funding news. Read more...