Former Foursquare CEO Dennis Crowley inferred that common shareholders received no value from the company’s September sale to Infillion, whose purchase price was not disclosed.
An angel investor said paperwork for the sale showed preferred shares were canceled without payment. Crowley used that account to infer that common shareholders also received no value.
Foursquare had raised more than $411 million. Crowley said yearly revenue exceeded $100 million in multiple successive years after the company shifted its focus to enterprise business.
Foursquare took private equity financing in 2019; the banker who led that funding became CEO in 2021. Crowley said the leadership change hurt the company and criticized executives for failing to maintain or expand its value.
He apologized to around 1,600 people formerly employed by Foursquare over the course of its 17 years. “I was heartbroken by this ending,” Crowley wrote. Foursquare retired its City Guide app in 2024.
