Foursquare CEO Crowley Steps Down As Valuation Is Slashed
- 8 years ago
Foursquare’s CEO Dennis Crowley is stepping down and will be replaced by Jeff Glueck, who joined as COO in 2014, the company said on Thursday.
The shuffle makes Crowley the full-time executive chairman and is intended to boost the company’s advertising and enterprise businesses.
The New York-based company also announced it has raised $45 million in new Series E funding.
However, the company likely raised the round at about half of the $650 million at which it was valued in its previous round in 2013, according to The New York Times, citing people close to the matter.
The so-called “down round” suggests that the company is struggling to monetize the location-sharing app it launched about seven years ago.
The shuffle makes Crowley the full-time executive chairman and is intended to boost the company’s advertising and enterprise businesses.
The New York-based company also announced it has raised $45 million in new Series E funding.
However, the company likely raised the round at about half of the $650 million at which it was valued in its previous round in 2013, according to The New York Times, citing people close to the matter.
The so-called “down round” suggests that the company is struggling to monetize the location-sharing app it launched about seven years ago.