Executive scramble at Foursquare
Steve’s breakdown: With this much change going on at the top, there is no doubt they are taking a very close look at marketing and will change things up. Attack!
NEW YORK, NY: Foursquare co-founder and CEO Dennis Crowley will step down from his role and become executive chairman. Crowley will be succeeded by Jeff Glueck, who has served as COO for the past year. The company has in addition promoted chief revenue office Steven Rosenblatt to president, Kinkil Mathur to CMO and Jonathan Crowley to VP Product.
Foursquare also announced it raised USD 45 million in its latest funding round, led by Union Square Ventures, with major participation from new outside investors including Morgan Stanley Alternative Investment Partners, as well as previous investors including DFJ Growth, Andreessen Horowitz and Spark Capital. The company said will use the money to “aggressively” pursue growth for its location intelligence platform. As part of this drive, it will be hiring 30 new positions across sales, engineering and other functions.
Glueck declined to answer questions about the company’s valuation, but it is likely to now be at a substantial discount to the USD 650 million valuation from 2013, the Wall Street Journal reported. During its most most recent, the company sold shares at around USD 4.01, down 69 percent from the previous round, according to corporate documents obtained from private-company research firm VC Experts. This round could value the company as highly as USD 330 million, assuming all authorised shares have been issued, which is unlikely.