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Foursquare Valued at More Than $250 Million, to Seek New Funding

Foursquare Labs Inc., the wireless service that lets users broadcast their whereabouts to friends, is valued at more than $250 million and will probably hold another round of financing later this year, its co-founder said.

The service, with more than 6 million users, “pulls in some revenue from big brands,” although it’s not yet interested in offering shares to the public, co-founder Naveen Selvadurai said in an interview at the MIDEM music industry conference in Cannes, France, this weekend.