Crowley Infers Foursquare Shareholders Got No Value From Sale

Foursquare co-founder and former CEO Dennis Crowley inferred that shareholders received no value from Infillion’s September acquisition of the location-data company, though the purchase price was not disclosed.

Crowley referred to an angel investor’s post and inferred that holders of both preferred and common stock received no value. That conclusion was his inference, not a disclosed sale term.

Foursquare had raised more than $411 million in funding. Crowley said the company performed well after shifting its focus to enterprise business, including several consecutive years with revenue above $100 million.

Foursquare raised capital from a private equity firm in 2019. In 2021, it brought in as CEO the banker who led that financing. Crowley blamed the management transition for the outcome, saying leadership failed to preserve or create value.

“I was heartbroken by this ending,” Crowley wrote. He also apologized to roughly 1,600 former employees who had worked at Foursquare during its 17-year history. The company shut down its app in 2024.