Foursquare pins down $150M, buys Placed from Snap

Foursquare, which provides location-based social networking software, has secured a $150 million investment led by The Raine Group. The New York-based business has also acquired competitor Placed, which allows brands to track consumer behavior and improve digital campaigns.

Seattle-based Placed was founded in 2011 by CEO David Shim and reportedly raised nearly $14 million in VC financing before being acquired by Snap for an estimated $135 million in 2017.

With this acquisition, the companies are eyeing a combined customer base of more than 1,000 brands and 450 media platforms using either Foursquare or Placed for advertisers, including Twitter, Pandora, Amazon and Spotify; Placed will remain as an attribution partner for Snap. Founded in 2009, Foursquare is backed by investors including Union Square Ventures, Andreessen Horowitz and Microsoft.

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