At a time when Foursquare has notched $150 million in fresh funding, the location technology company has acquired Placed from Snap Inc. David Shim, the founder and CEO of Placed, will become Foursquare’s president, according to reports. The deal’s terms were not made public.
Before its acquisition in 2017 by Snap Inc., Placed, which launched in 2011, raised $13.4 million, per Crunchbase. Placed serves as the largest rival to the Attribution product by Foursquare, which lets brands track the impact of digital campaigns and ads on store foot traffic. Together, Foursquare and Placed have reportedly measured ad-to-store visits of more than $3 billion.
With the acquisition, the Attribution product will be called “Placed powered by Foursquare.” It was noted that the technology will have more than 450 measurable media partners, such as Pandora, Snap and Twitter. Over half of the Fortune 100 companies are said to be partnered with Foursquare or Placed. As for the investment, the $150 million is the company’s largest round of all time and comes after a Series F round in 2018.
In October, news surfaced that Foursquare had announced a $33 million round of equity funding co-led by strategic investors Naver Corp., Simon Ventures and Union Square Ventures. Foursquare CEO Jeff Glueck wrote in a blog post in October, “Each investor chose to participate because they believe in our business and our future.”
Glueck continued, “Our Series F is more than fuel for our ambitious goals and roadmaps – it’s backing by investors, including those with ties to notable companies, who canvassed the industry in search of a leader, and selected Foursquare. Our Series F is about the right investors, at the right time, who recognize our value and will work, deeply, to build the Foursquare of the future.”