Last month, advertising company Infillion acquired the location-data platform Foursquare, a once-popular social network, at an undisclosed value. In a recent blog post, Foursquare co-founder and former CEO Dennis Crowley stated that investors did not see any returns from the sale.
Investor Disappointment
Crowley referenced a post by an angel investor, suggesting that neither preferred nor common stockholders received any value from the deal. He expressed his disappointment, stating:
“"I was heartbroken by this ending. So many people put so much time and energy and passion and love into building Foursquare – the company, the products, the brand, the culture. If you were part of it (or even close to it), you know exactly what I’m talking about. 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?"
