Foursquare has raised $45 million in a Series E round of funding from existing investors Union Square Ventures, Andreessen Horowitz, and new investor Morgan Stanley. The popular location based app company is also getting a new CEO.
Foursquare co-founder and CEO Dennis Crowley is stepping down as CEO and will now become company’s executive chairman. Chief Operating Officer Jeff Glueck will replace Crowley as CEO and chief revenue officer Steven Rosenblatt will become president. Crowley said that Foursquare has signed with companies like Apple, Twitter and Pinterest to use its location data that helped it garner revenue this year. Foursquare declined to comment on valuation of the company in regards to the funding round. The company claimed to have more than 50 million monthly active users with daily check-ins increasing by day. Foursquare said that it will use the raised capital to expand its workforce across sales, engineering and other fronts.
Founded in 2009, Foursquare that was considered as one of the hottest tech start-up, allowed users to check-in into various places. However, the rising popularity of Facebook and Twitter affected Foursquare’s user base. In 2014, the company got divided into two apps where Foursquare focuses on discovery and Swarm focuses on check-ins.