Though once a social media darling valued at $760 million, Foursquare problems continue to haunt the tech startup. Despite a massive exodus of their already small user-based when splitting the core “check-in” business into Swarm in 2014, the company, now estimated to be worth $250 million, raised an additional $45 million from (mostly) current investors, led by Union Square Ventures.
At the same time, Foursquare has replaced co-founder Dennis Crowley with former COO Jeff Glueck. Crowley will remain with the company, serving on Foursquare’s executive board.
Foursquare problems, not surprising by any means for me & other former users, come even though the company claims its data services API, Enterprise Solutions, supplies foot traffic and other location data for companies like Twitter & Apple, and has a programmatic media platform, Pinpoint, which boasts clients such as AT&T, FedEx, and Samsung Galaxy.
Albert Wenger of Union Square Ventures said that the $45 million in new financing will help put the company on a “path to profitability” as a location intelligence platform.
Foursquare problems aside, the social network claims to have first-party location data on over 50 million users & 65 million places worldwide.