How turning down a nearly $1 billion acquisition deal helped Foursquare see its 10th anniversary:
Since 2013, the company has entered into multiple debt-based financing rounds.is risky for companies in rapid growth phases, much less those in late-stage funding with dwindling valuations. Foursquare filed with the SEC to raise $50 million in October 2018, but the company secured only half this amount in its latest Series F funding lead by Simon Ventures, Union Square Ventures, and Naver.
“Deals are made for three different reasons, talent, to hire the right people, to acknowledge you want a particular piece of IT or to take out the competition,” Robert Kaminski, a director at Capital Alpha Partners told. Kaminski called out Facebook’s 2011 post-acquisition shutdown of Gowalla, an early competitor to Foursquare.
Consolidating into a larger company like Google, Amazon, or Facebook or even going public may be the trajectory for many tech startups, but Foursquare would like to position itself to be an independent oversight for big tech, rather than join them. Smith reflected on how the company avoided Gowalla’s fate.
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