Foursquare co-founder Dennis Crowley revealed that equity holders received no returns from Infillion's acquisition of the location-data platform last month. In a blog post, Crowley stated that neither preferred nor common stockholders gained value from the deal. He expressed deep disappointment, reflecting on the passion invested by the ~1600 former employees over 17 years.
Crowley noted Foursquare achieved consecutive years with over $100 million in revenue after shifting to an enterprise focus. The company raised over $411 million in funding according to Pitch Book data before shutting down its app in 2024. Several former users reacted to the post, recalling Foursquare's utility in discovering new places.
After Foursquare, startups like Zenly and Jagat, along with Instagram and Snapchat, explored social maps. The acquisition marks the end of a significant chapter in location-based social networking.
المصدر: TechCrunch Venture · لخّصه HeadlinesBriefing