The pioneering social app, Foursquare, announced a major shuffle at the top positions with the current CEO and co-founder, Dennis Crowley, stepping down to make way for Jeff Glueck, the present Chief Operating Officer, of the Company. Crowley is to become executive chairperson, while Steven Rosenblatt, who has been, with Foursquare for past four years, is to take over as the President.
Crowley, a respected veteran in the tech field and one who sold his previous company Dodgeball to Google in 2005, is planning to focus on big picture and put in all his efforts to come up with new products for Foursquare. In his blog post, Crowley says that his new job is to use things available with the company to built projects that are pushed as products in the real world.
Hoping to move ahead through E-funding
Five years ago, Foursquare was a name to reckon with in the tech industry with the New York- based company introducing some breakthrough in 2009 when it first represented South at the Southwest Conference. The company introduced a check-in feature that helps the users to upload their location at the local business online to let the people in their social circles know where they are exactly hanging out.
The tech company that also makes apps assisting users locate stores and restaurants have raised a funding of $45 million says Glueck in his blog post. A major contribution to the E-funding came from Union Square Ventures, Morgan Stanley and previous investors Andreessen Horowitz, Spark Capital and DFJ Growth.
Foursquare management is expecting that this funding will help it fill up the 30 new vacancies in engineering, sales and other functions. Earlier the company had planned a funding round in December 2015 in between $20 million and $40 million with only one investor with the company value at $250 million.
Rumors about the takeover of Foursquare by Yahoo Inc. has been making rounds since past couple of months however the latest shuffle and changes indicate that the former intends to carry on its business.