Geolocation check-in service Foursquare currently has over 10 million members that have checked in over 750 million times to about 15 million venues. Foursquare is currently valued at $600 million after they raised $50 million in the last round of funding.
Now Foursquare is planning to start charging the 500,000 registered merchants a fee for a premium dashboard. Merchants are currently able to offer special deals to those who “check in” to their establishments.
Now Foursquare and third-party developers are building new features on top of the geolocation platform. There is an app that pinpoints a user’s location history on a map and gives reminders of where someone was one year ago. Foursquare is using the $50 million investment to build a dynamic platform for merchants and users.
“The [merchant] tools allow you to claim your venue and start running specials and see the dashboard,” stated Foursquare spokesperson Erin Gleason. “That’s all free right now, but it’s obviously very valuable data. So in the future when it’s a little more robust we see the potential to monetize that.”