Foursquare recently implemented a significant workforce reduction, laying off 105 employees, approximately 25% of its total staff, as part of an initiative aimed at optimizing operations and achieving financial stability. CEO Gary Little communicated this decision to the staff via email, with affected employees promptly having their system access revoked.
The layoffs have impacted various divisions within Foursquare, including Visits, OCF, and Foursquare City Guide. Moreover, the company has decided to pause ongoing efforts in other areas such as Mobile Developers Tools, Geode, and the current version of FSQ Insights.
Gary Little has not responded to requests for comment regarding Foursquare’s future strategies, and his communication to the staff did not provide detailed insights into the company’s plans in the future. Foursquare has undergone notable transformations from its inception, initially gaining recognition for its check-in feature and hyperlocal ad revenue model. Over time, the company shifted its focus towards enterprise technology, offering data services to brands and publishers.
In 2020, Foursquare merged with Factual, a company specializing in location software for marketers, further solidifying its position in the enterprise sector. Despite these strategic maneuvers, Foursquare has encountered multiple rounds of layoffs, including during the merger process and another round in 2022.
Gary Little assumed the role of CEO in late 2020, following the merger with Factual. His appointment was intended to safeguard and expand an investment by The Raine Group, a merchant bank where he previously held the position of managing director. The Raine Group spearheaded a $150 million funding round for Foursquare in 2019.
Throughout its 15-year history, Foursquare has secured approximately $400 million in funding, with no new funding rounds reported since The Raine Group’s investment. The company’s recent workforce reductions reflect broader trends observed across the tech industry, where numerous firms are implementing cost-cutting measures amidst prevailing economic uncertainties.
