Foursquare raises $45m of fresh round of venture funding from Union Square Ventures and appoints a new CEO.
Local search and discovery service mobile app Foursquare has raised $45 m in a new round of funding and appointed Jeff Glueck as new CEO.
The new funding has been raised from Union Square Ventures and also from outside investors such as Morgan Stanley Alternative Investment Partners and previous investors like DFJ Growth, Andreessen Horowitz and spark Capital.
With this funding, the company hopes to rapidly accelerate its growth by creating new positions in areas of sales, engineering and other functions.
The company aims to meet the growing demand for its location intelligence platform.
The CEO and co-founder of Foursquare, Dennis Crowley is stepping down from his present position and would take up the role of an executive chairman. The new CEO would be Jeff Glueck. Until now Jeff Glueck has been serving as the COO and overseeing the businesses of the enterprise that contribute to majority of the revenues.
Dennis Crowley said in his blog: "Will be stepping up into the role of Executive Chairman. This new role will allow me to focus full-time on vision and innovation, long-term strategy and creating new consumer products."
"If this sounds more like my job from 2010 than my job from 2015… well, that’s the point. It frees up my time from operational and management duties and allows me get back to the "let’s just make something awesome that people love" spirit that got us here.
"There are a lot of things I still want to build at Foursquare. And there are a lot of things that should exist in the world that only Foursquare can build? — ?for both consumers and app developers.
"My new job is to make sure those things get built as projects, and that the best of them get pushed into the real world as products."
Apart from this change, Steven Rosenblatt, who has been the chief revenue officer at Foursquare would be assuming the position of the president of Foursquare. Additionally, Kinjil Mathur would be the CMO and Jonathan Crowley would be the VP Product.
Foursquare is a mobile app-maker specialising in local search and discovery services to users. The app offers recommendations about places of interest to its users depending upon the location of the user.