Foursquare, the location-focused outfit that in 2020 merged with Factual, one other location-focused outfit, is becoming a member of the parade of firms to make cuts to one in all its largest value facilities – workers – in 2024.
Per an e mail despatched out to staffers Thursday afternoon by present CEO Gary Little and seen by TechCrunch, 105 workers had been simply let go as the corporate seeks to “streamline” its operations, and “set the corporate on extra sustainable monetary footing.”
Impacted workers noticed their system entry eliminated upon receipt of Foursquare’s notification e mail.
Little didn’t return a request for remark by the point of this publish’s publication on Thursday night, and his letter to workers doesn’t shed a lot mild on Foursquare’s go-forward plan. In response to one supply, the layoffs signify roughly 25% of the corporate’s workers.
The letter does, nevertheless, deal with which models had been impacted and, relatedly, the divisions that Foursquare plans to ditch, together with Visits, OCF, and Foursquare Metropolis Information.
In response to Little’s letter, Foursquare can be pausing work on a lot of different initiatives, together with “Cell Builders Instruments, Geode, and the present model of FSQ Insights.”
Foursquare, a darling in the course of the earlier days of the iPhone that invited customers to “examine in” at areas to earn badges, and which relied on hyperlocal advert income to gasoline its enterprise, later advanced into an enterprise tech firm that sees manufacturers and publishers leverage its knowledge.
For instance, Atmosfy, a seed-funded short-form video platform that invitations customers to discover native companies, makes use of Foursquare’s API to bolster its personal app.
After its merger with Factual, whose location software program helped entrepreneurs zero in on buyer segments – say, folks out there for a brand new residence — Foursquare moved even additional in that very same path.
Immediately’s layoffs aren’t the primary to hit Foursquare. Workers had been laid off on the time of the merger and a few reported a separate spherical of layoffs in 2022.
Little stepped into the position of CEO in late 2020, roughly six months after Foursquare’s all-stock merger with Factual was introduced (the mixed outfit ditched the Factual model).
The monetary phrases of the deal had been by no means disclosed, however Little was largely put in to guard and develop an funding in Foursquare by The Raine Group, a service provider financial institution the place Little was beforehand a managing director and which led a $150 million spherical of funding in Foursquare in 2019.
Foursquare has not publicly reported a brand new funding spherical since that point. The 15-year-old firm has raised an estimated $400 million over time.