Eyeing Next Phase of Life, Foursquare Gets New CEO and $45 Million

Depending on one's view of Foursquare's future prospects, Dennis Crowley's move from CEO to executive chairman is either a sign that the company is ready for its next stage of growth or an indication that it's flailing. In addition to announcing that Crowley is being replaced by former chief operating officer Jeff Glueck, Foursquare said yesterday that it has also closed a new, $45 million round of "growth funding."

Questions about Foursquare's potential for success have been growing since the location intelligence company made an initial big splash with its 2009 launch. Once valued at $760 million at its peak, the company now has a reported valuation of $250 million. And in early 2013, financial analyst firm PrivCo predicted that Foursquare would fail by the end of that year.

Then in 2014, the company split its services into two with the release of Swarm, an app for real-time location sharing and "checking in" to restaurants and other business venues, and a new version of the Foursquare software for location-based place searches. With mapping data on more than 65 million places around the world, Foursquare said the two apps combined currently have more than 50 million monthly users.

'Right Time' for New Leadership

Writing in the company's Foursquare Direct publication on Medium yesterday, Crowley characterized the latest changes as an exciting step toward the next stage of Foursquare's growth.

"With our business maturing and with our enterprise solutions (Places API, Place Insights) and . . . programmatic advertising platform (Pinpoint) fueling our revenue growth, I felt like now is the right time to put our strongest executives in the company's top leadership positions," Crowley said. He added that it was his decision to ask Glueck (pictured) to step into the CEO role, as well as to tap previous CRO (chief revenue...

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