Foursquare co-founder and former CEO Dennis Crowley said investors didn't see any returns from the company's acquisition by advertising company Infillion. Crowley referenced a post by an angel investor and inferred that neither preferred nor common stockholders got any value out of the deal.
Foursquare had raised over $411 million in funding, according to PitchBook data.
In 2019, Foursquare raised capital from a private equity firm, and in 2021 it brought in the banker who led that raise as CEO. Crowley blamed the final outcome on that transition, saying management wasn't able to preserve or create new value.
Foursquare eventually shut down its app in 2024, according to the report.