Foursquare investors such as Spark Capital have been buying up stock from current employees. Foursquare co-founder Naveen Selvadurai is leaving the company after working there for three years. Naveen Selvadurai and Dennis Crowley started Foursquare together. Selvadurai worked on the Foursquare iPhone app, but now the company is in the hands of hundreds of engineers and developers.
Foursquare recently moved into new offices and the company is valued at over $700 million. Foursquare’s team is growing in New York and San Francisco. When speaking at Mobile World Congress, Crowley said that Foursquare has tripled the number of users from 5 million to 15 million in the past one year and has signed up 750,000 merchants.
Here is what Selvadurai had to say about his departure:
?I?m on the board, I?ll still be advising, and I?m obviously going to be the single most vocal user. But the spring is time for things that are new, and i realize that i have a desire to do something new as well. I?m not sure about my exact next steps, but I?ll probably get back to what I love most ? being an entrepreneur, learning and building new things.?