Foursquare Investors Got Nothing From Infillion Acquisition, Co-Founder Says
Foursquare co-founder Dennis Crowley says Infillion's undisclosed acquisition left preferred and common shareholders with no returns after $411 million raised.
Summary
Advertising company Infillion acquired location-data platform and former social network Foursquare in September 2026 for an undisclosed price. Co-founder and former CEO Dennis Crowley, citing an angel investor’s post, inferred that neither preferred nor common shareholders received value. He apologized to roughly 1,600 former employees who spent 17 years building Foursquare’s company, products, brand and culture.
Foursquare raised more than $411 million, according to PitchBook data, and recorded consecutive years with revenue above $100 million after shifting toward enterprise customers. A private equity firm invested in 2019, and the banker who led that financing became CEO in 2021. Crowley blamed the transition and management’s failure to preserve or create value. Foursquare closed its app in 2024, although users credited it with helping them discover places and inspiring new apps. Zenly, Jagat, Instagram and Snapchat later explored social maps. Infillion’s plans for Foursquare were not detailed.
Positives
- More than $100 million in revenue was recorded in consecutive years after Foursquare shifted toward enterprise customers.
- Users credited Foursquare with helping them discover places in their cities and inspiring ideas for new apps.
- Zenly, Jagat, Instagram and Snapchat later explored the social-map concept that Foursquare helped popularize.
Risks & concerns
- Preferred and common shareholders apparently received no value from Infillion’s undisclosed acquisition, Dennis Crowley inferred.
- More than $411 million in funding failed to produce an acquisition return for equity holders.
- Roughly 1,600 former employees contributed over 17 years before the company reached this outcome.
- Foursquare shut down its consumer app in 2024 after evolving from a popular social network into an enterprise platform.
- Crowley blamed the 2021 leadership transition and management’s failure to preserve or create value.