Location-based company Geodelic gains $7 million in second funding round

The bigger the location-based market gets, the more confidence investors seemingly have in each app's potentiall success.

Geodelic another location-based tool for iPhone and Android that scours the surroundings for points of interest has picked up $7 million in a second round of funding, adding to the $3.5 million it raised in 2009.

Existing investors Clearstone Ventures and Shasta Ventures were involved the latest round, but the majority of the finance was raised by new backer, MK Capital.

On the up on Android

The app has already been downloaded over 500,000 times on Android, and is available for iPhone and in development for BlackBerry.

Those behind the venture believes it offers a distinctly different experience to MyTown, Foursquare and the like.

Indeed, Geodelic is perhaps more closely related to Yelp, focused on dishing out info about locations in the area rather than check-ins and mayorships.

The app is designed to improve the longer you use it, learning your likes and dislikes, while searching for businesses and amenities in the area is aided by the use of categories one touch of a particular category, and all the venues in your area come to the forefront.

The company said it expects to announce additional product features and major partnerships with established leaders in the advertising, entertainment and wireless technology industries in the next few months.

[source: Geodelic]