You should know by now that Foursquare recently raised around $20 million dollars in a series B funding event, it that was the talk of the town for days. Rumors had swirled for some time that numerous large companies were circling the small startup, looking to pick up the location market leader in an acquisition.
Instead, the startup opted (making its users smile) to stay independent and take on more institutional money. The funding placed the valuation of the company at over $100 million dollars, not bad for a little firm still proving that its model and product are viable in both the mainstream and in the long-term.
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New news has come out today that the Foursquare founders, Dennis Crowley and Naveen Selvadurai possibly took serious cash off of the table in the funding round. From BusinessInsider:
$4.64 million [of the round] “has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters.” If we’re reading this correctly, Foursquare’s founders — Dennis Crowley and Naveen Selvadurai — took home $4.64 million in this round. We’re double-checking this with the company. (But, nice!)
We agree, well done. It is always nice to see founders get rewarded along the way to success. Have you checked in today?