The location-based social network, Foursquare hit the three million user mark this weekend and is growing rapidly. The Foursquare social network has been adding users at impressive rates, and only hit 2 million users in early July. It took a year to reach one million; three months to hit 2 million, and a month and a half to hit 3 million.
The service – which lets people “check in” to restaurants, bars, and other public places and share that information with friends — took a year to gain one million users, but only three and a half months after that to reach the three million threshold.
To expand upon this growth Foursquare recently raised $20 million in funding at a $95 million pre-money valuation, led Andreessen Horowitz with existing investors Union Square Ventures and O’Reilly AlphaTech Ventures participating. The new funding is being used to hire additional staff, for product development and a new office space. And we know that Foursquare has some interesting ideas to incorporate gaming with check-ins. The company is also opening a San Francisco office.
Foursquare’s co-founder Dennis Crowley told the LA Times that the company had its biggest day of sign-ups after Facebook launched its rival “Facebook Places” application, and is growing by about 180,000 users every 10 days.
While Foursquare appears to be growing faster than its main competitor Gowalla, other location-based social networks have already hit the 3 million mark. MyTown, another location-based network hit that number earlier this month, and Loopt passed 4 million users in July.
Foursquare currently boasts the largest digital billboard in New York’s Times Square, hovering over an American Eagle retail store, with a tagline that says “Check in, find your friends, unlock your city.”
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