Foursquare on Wednesday passed 5 million users and with that milestone an unknown company has offered to buy the location based service for $140 million.
It wasn’t until April 2010 that Foursquare passed the 1 million user mark, which means in just 8 months they have managed to increase their user base by 5x.
The company also has the advantage of a large lead over their closest competitor Gowalla. Their large lead even led to Gowalla last week adding Facebook integration to their own application.
Foursquare spoke with USA Today and stated that:
“Though there are over 5 million user IDs in the foursquare community, our user IDs don’t necessarily match up to our actual number of user accounts. That said, we do expect to hit 5 million next week.”
Company CEO Dennis Crowley also verified that Facebook had made an offer for the company, although no price was given, while he noted that another big company made the initial $140 million offer, although he wouldn’t say which company made the buyout bid.
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At the risk of sounding naive I hadn’t heard of Foursquare before I read your post. The concept behind the company sounds pretty cool with plenty of scope for social interraction. I like the concept of becoming a “Mayor” of a location. It is probably one of the contributing factors to making their platform popular as I’m sure it makes people feel important.
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so all i need for my blog is 5 mil user, then i can retire!
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Its not a suprprise. Fourquare has to be one of the best ideas of its time. Good Luck to them.