Just a week after Foursquare announced that they will be partnering with Seamless and Grubhub, the company will continue to focus on monetization. The crowd-sourced database service has received $15 million in funding after partnering up with Microsoft (NASDAQ: MSFT) today.
Foursquare will be helping to create a better local location service for Microsoft’s Bing search engine. Unlike any other platforms Foursquare has offered to other companies, Microsoft will receive more functionalities in both their mobile and PC platform.
“The more information you have about the user [and their location], the more value you can provide,” says Microsoft’s Jon Tinter – General Manager, Business Development, Application and Services Group
Google (NASDAQ: GOOG) and Facebook (NASDAQ: FB) currently offer similar services where users location suggests nearby stores. In an effort for the tech giant to enhance its search engine, the Foursquare service will allow users’ physical location to be tracked and suggest restaurants, bars, gift shops, etc based on the user’s preference.
Rather than asking users to manually check in before receiving suggested nearby stores, the users’ location would be constantly updated. By incorporating the platform into Bing with user preference, target advertisements would also be more accurate. Microsoft would be able to thrive in a wide range of prospect advertisers.
With both the $15 million funding as well as a partnership with Microsoft, Foursquare have opened their doors to a range of companies and endless possibilities.