FourSquare raised $45 million in a Series E funding round through which it wants to “pursue growth aggressively,” a strategy that includes hiring 30 employees in areas like engineering and sales.
Foursquare, which evolved from a “check-in game” in 2009 to a location intelligence company, said its CEO and co-founder Dennis Crowley (pictured, centre) will step into the role of executive chairman and will be replaced by Jeff Glueck (pictured, right), who had been COO for the past year.
Meanwhile, Steven Rosenblatt (pictured, left), CRO at the company for four years, will take over as president to oversee the company’s revenue lines including its analytics and developer tools for enterprise and strategic partnerships.
“I will use my past experience scaling businesses to accelerate Foursquare across both the consumer and enterprise sides of the business,” wrote Glueck in a blog post, adding that Crowley will be able to “dedicate his time to the vision and innovation that distinguishes FourSquare” in his new role.
“Our company is confident and unified around this mission to use our understanding of location intelligence to enrich consumer experiences and inform business solutions. We will continue to make the world easier to map and explore — and help pave the way for further innovation and discovery,” Glueck said.
The company said the funding will give it the fuel it needs “to continue enhancing our apps and to build out our location intelligence, which is the foundation of everything we do”.
“These changes will sustain and support us so we can continue to bring you the engaging products, cool data offerings and fun trend stories that we know you love,” it added.
The funding round was led by Union Square Ventures, with major participation from new outside investors including Morgan Stanley Alternative Investment Partners, as well as previous investors including DFJ Growth, Andreessen Horowitz and Spark Capital.