From TechCrunch · Ivan Mehta · · 1m 10s
Foursquare's sale left investors with nothing
Dennis Crowley says equity holders got no returns when Infillion acquired the location platform last month.
In brief
Dennis Crowley says equity holders got no returns when Infillion acquired the location platform last month. Foursquare co-founder Dennis Crowley said investors and employees saw no financial returns from Infillion's acquisition of the location-data platform in September twenty twenty-six. Originally reported by…
Infillion buys Foursquare
Advertising company Infillion acquired location-data platform Foursquare last month at an undisclosed value. The once popular social network is now owned by the ad firm.
Crowley: investors got nothing
Co-founder and former CEO Dennis Crowley said in a blog post that neither preferred nor common stockholders received any value from the sale. He expressed disappointment with the outcome.
Crowley's heartbreak
Crowley said he was heartbroken by the ending. He apologized to the company's roughly sixteen hundred former employees over seventeen years, saying their collective efforts seemed worth nothing.
“To our ~1600 former employees over 17 years, I am sorry the Foursquare story ended in such a way that makes it seem like our collective efforts were worth… nothing?”
Revenue and management shift
Foursquare had raised over four hundred eleven million dollars in funding and achieved consecutive years with over one hundred million dollars in revenue.
Crowley blames the transition
Crowley blamed the poor outcome on the management transition, saying the company was unable to preserve or create new value. Foursquare shut down its app in twenty twenty-four.
The bottom line
Foursquare co-founder Dennis Crowley said investors and employees saw no financial returns from Infillion's acquisition of the location-data platform in September twenty twenty-six.
