Business

Foursquare gets another $35M to build its vision for ‘passive location awareness’

Foursquare, hardly a media darling as of late, has converted its perception problems into more funding.

The company announced today a $35 million Series D round, led by DFJ Growth and Capital Group. “This investment means that we can build our vision even faster. And that you guys are going to see a lot more from our team,” CEO Dennis Crowely wrote today.

The funding caps off a particularly busy, promising year for Foursquare, which has transitioned from a simple check-in app to a bona fide location discovery platform.

In particular, Foursquare is making major investments in the idea of “passive awareness,” which is a fancy way of saying that Foursquare wants to recommend places to you before you know you’re looking for them. (Recent updates to both its Android and iOS apps give a good idea of the direction it’s going.)

foursquare-new

Above: This is how Dennis Crowley wants your future Foursquare experience to look.

The company’s revenue plays have been equally significant. Foursquare now has six monetization¬†options in place, four of which came this year alone. For small businesses, advertising with Foursquare means being able to reach potential customers at their most vulnerable: when they’re looking for places to go.

Getting to this point hasn’t been easy for Foursquare, however, which started the year with a $41 million debt round that was joined by a lowered valuation. Foursquare still resists any comment on that valuation (estimated at $600 million), so it’s hard to say which direction the new funding pushes it in. Either way, that the¬†latest funding comes in the form of equity and not debt is a good sign for the company.