UPDATED: Last week, when I heard the news that Foursquare investors were buying up stock from current employees, it piqued my interest – who was Spark Capital buying stock from, I wondered? For nearly three years, it has been one of my favorite apps, and I keep close tabs on the company. Digging around, I ended up with an entirely different bit of information: Foursquare co-founder Naveen Selvadurai is likely leaving the company, although I don’t know why. The company declined to comment on his pending exit.
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. The company has come a long way since those 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.
The New York-based company, which moved into new offices recently, is currently said to be valued at over $700 million and has been growing its team in both New York and San Francisco. Crowley when speaking said at Mobile World Congress in Barcelona that his company has tripled the number of users from five million to 15 million in past one year and has signed up 750,000 merchants.
PS: I chatted with Selvadurai in September 2011 and here is a video for you to enjoy. Here are my two conversations with Crowley — Facebook, Check-in Fatigue and the Copy Cats & How location will connect us.
UPDATE: Selvadurai confirmed his departure in a blog post. He did not say what he is moving on to but said he will be a familiar face around Foursquare.
“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.”