Foursquare Co-Founder Ready For Exit
Foursquare co-founder Naveen Selvadurai is leaving the company, he confirmed in a blog post this weekend. Expressing a desire for something new, Selvadurai said he wasn’t quite sure what his next move would be. As for his continuing role at Foursquare, he said: “I’m on the board, I’ll still be advising, and I’m obviously going to be the [service’s] single most vocal user.”
Having first uncovered the news, GigaOm’s Om Malik notes: “Selvadurai and Dennis Crowley started Foursquare together. Selvadurai worked on the first Foursquare iPhone app, but since then the company has added many more engineers and developers.” According to Malik, the location-based social network has come a long way since its early days, and has attracted investment dollars from some of the biggest investors in business, such as Union Square Ventures, Spark Capital, DST Technologies and Andreessen Horowitz.
Currently, Foursquare is said to be valued at over $700 million, and has been growing its team in both New York and San Francisco. Last week, meanwhile, Crowley said the company has tripled the number of users from 5 million to 15 million in past one year, while signing up 750,000 merchants.