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Foursquare raises $20 million in venture funding

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New York—Foursquare, the mobile service startup that combines social networking with location, has raised $20 million in a second round of venture funding.

Underwriters were led by a group that included Silicon Valley venture capital company Andreessen Horowitz. Union Square Ventures and O’Reilly AlphaTech Ventures, which previously invested in Foursquare’s first round of financing, also participated.

Often used to award users with discounts and prizes for showing up at venues, Foursquare has attracted the interest of businesses interested in reaching nearby customers, as well as trade show exhibitors and event organizers to attract prospects.

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