Foursquare co-founder says investors saw no returns from acquisition

Foursquare, a location-data platform and former popular social network, was acquired last month by advertising company Infillion for an undisclosed sum. Following the acquisition, Foursquare co-founder Dennis Crowley stated in a blog post that investors received no returns from the sale. Crowley expressed disappointment, noting that neither preferred nor common stockholders benefited from the deal. He attributed the outcome to management decisions made after a private equity firm invested in the company in 2019, suggesting that the subsequent leadership failed to preserve or create value. Crowley highlighted that Foursquare had achieved consecutive years with over $100 million in revenue after shifting its focus to the enterprise business. The company, which had raised over $411 million in funding according to PitchBook data, shut down its app in 2024.