How much money do you think social location service Foursquare will make this year? The Wall Street Journal claims the company’s revenues for 2012 will be around $2m.

The claim is made in a wider article about Foursquare drumming up a new funding round of up to $50m, and what the WSJ claims is some reluctance on the part of VC firms to leap in.

“Potential investors aren’t convinced the company is moving quickly enough to make money and are concerned that the use of its free service—which helps people find and alert others to their presence at places like bars and restaurants—is starting to slow,” suggests the piece, which also claims that around 8m of Foursquare’s 25m registered users are currently active.

Foursquare itself tweeted a new milestone yesterday: 3bn check-ins since its launch in 2009. But like other social mobile startups, it faces the challenge of enthusing investors who are feeling more cautious due to the global economic situation, but also may be spooked by Facebook’s post-IPO troubles.

Ironically, in 2012 Foursquare feels like it’s more meaningful to users than it’s ever been, with less emphasis on mayorships and points, and more on real-world recommendations, with sponsored specials and discounts set to feed into that.