Location-based check-in service Foursquare launched a service for restaurants and merchants to offer daily deals and promotions to its 8 million users, but that first step to commercialize the free service may not be enough to win the company a $500 million valuation and the additional $20 million to $40 million it's seeking from investors, some industry watchers say. Foursquare faces fierce competition from other location-based services including Gowalla and Shopkick.

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