Foursquare, discovery platform, has raised $45 million in Series E round of funding led by Union square ventures. Other investors include Andreessen Horowitz, DFJ Growth, Morgan Stanley and Spark Capital, all of them have previously invested in the company apart from Morgan Stanley.
The company on its official blog quoted, “We are thrilled to share that we’ve just closed a new round of growth funding that will give us the fuel we need to continue enhancing our apps and to build out our location intelligence, which is the foundation of everything we do.”
According to Venturebeat, this news came up last month when the company slashed its valuation from $650 million to $250 million. The company quoted that they are not on a hype like they were in 2009 and 2010, rather in a real business momentum.
The blog came with a shocking news stating that founder of the New York based company, Dennis Crowley has stepped down as the CEO and is coming up as the new executive Chairman of Foursquare. The blog clearly stated that Dennis has tapped Jeff Glueck, who has served as COO for the past year, as the new CEO. Jeff has previously worked with Skyfire and travelocity and joined this company in 2014.
Foursquare seems to be changing a lot of things, the company also announced that Steven Rosenblatt will be serving as the new President. The blogpost said, “Dennis also asked four-year Foursquare veteran Steven Rosenblatt to serve as President, overseeing revenue and the business-to-business offerings that have become such a critical part of our company makeup.”
It is hard to gulp this as a positive news, the company CEO after 6 years has resigned, its valuation is going down by the day etc. Dennis insisted that the company is doing good and has a “scalable revenue growth.”
The company has already raised $166.35 million in six rounds from 18 investors. It also handles Swarmapp and Swarm. Its competitors include 4INFO, AlterGeo, Check.in, Facebook, and Crowdspot mobile app.