Blacksmith valued at $1 billion in Sequoia-led $66 million round
The software-testing platform's Series C follows a $45 million Series B just two months earlier, when it was valued at $550 million.
Foursquare co-founder says shareholders got no value in Infillion sale
Dennis Crowley questioned the outcome of the acquisition after Foursquare raised over $411 million in funding.
Foursquare co-founder and former CEO Dennis Crowley said investors received no return from advertising company Infillion’s acquisition of the location-data platform. The deal’s value was not disclosed.
In a blog post, Crowley cited an angel investor’s account and inferred that holders of both preferred and common shares received no value from the transaction. He expressed disappointment with the outcome and apologized to former employees for how the company’s story ended.
Crowley said Foursquare generated revenue exceeding $100 million in consecutive years after shifting its focus to enterprise customers. The company raised money from a private equity firm in 2019, then appointed the banker who led that fundraising as CEO in 2021. Crowley blamed that leadership transition for the eventual outcome, saying management failed to protect existing value or build additional value.
Foursquare had raised over $411 million, according to PitchBook data. Once a popular social network, it shut down its app in 2024.