Foursquare Is Worth $250 Million, Co-Founder Says [REPORT]

Foursquare is valued at $250 million and will “probably” have 10 million users by June, the company’s co-founder told Bloomberg over the weekend.

The story is based on an interview at the MIDEM music industry conference in Cannes, France, Naveen Selvadurai, the co-founder of Foursquare (shown on the left in a recent ad for Gap), also said the company will probably hold another round of financing later this year. A Foursquare rep, however, disputes the report: “When Naveen met with that reporter, Naveen did not comment on our valuation or fundraising plans. We’re not currently in the process of fundraising.”

The interview goes on to quote Selvadurai saying the company currently has 6 million users and “pulls in some revenue from big brands” which include PepsiCo, Safeway and Zagat, among others. The company is not interested in going public at this time, Selvadurai added.

Selvadurai also brushed off threats from Facebook Places and Twitter’s location-based offering, saying “Other sites want to keep you inside the computer while our entire goal is to get you out of the house.”

Meanwhile, the New York-based company plans to double its staff to 120 employees by year’s end, he said. As for funding, the company raised $20 million from investors led by Andreessen Horowitz. At the time, the company was valued at $95 million.

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