ReadWriteStart

Sure, it may be obvious to point out that location-based services (LBS) are growing in popularity and may be a great gravy train for young entrepreneurs to hop on, but the recent evolution of the platform has broadened the opportunities for startups. With the opening of Google Latitude's API earlier this week and other developments in the mobile space in recent months, the number of niches for startups to fill is quickly expanding.

Silicon Valley-based startup incubator Y Combinator (YC) announced today that is has raised $8.25 million with which it plans to provide funding to a larger group of startups this summer. Leading the funding was Sequoia Capital along with several angel investors, including Ron Conway, Paul Buchheit, Aydin Senkut, XG Ventures, and Geoff Ralston - many of same investors which provided YC with $2 million in March of last year.