June 28, 2010 / 1:23 AM / 9 years ago

Foursquare close to obtaining funding: report

Co-founder of Foursquare, Naveen Selvadurai, accepts an award for Best Mobile Social Networking at the Webby Awards in New York June 14, 2010. REUTERS/Lucas Jackson

PHILADELPHIA (Reuters) - Startup website Foursquare, a location-based services company, is close to getting new funding that would allow it to expand, The Wall Street Journal reported on Sunday.

The terms of the deal were not disclosed. The funding, led by Silicon Valley venture-capital firm Andreessen Horowitz, could be announced as early as this week, the newspaper reported in its online edition.

Foursquare previously held “serious acquisition talks” with Facebook Inc and with Yahoo Inc, the newspaper said. Other media reports previously said Yahoo had been in discussions to acquire Foursquare for about $100 million.

Foursquare and Andreessen Horowitz could not be immediately reached for comment.

Reporting by Jessica Hall; Editing by Lincoln Feast

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