Foursquare, the location-focused company that merged with Factual in 2020, is making significant cuts to its workforce in an effort to streamline operations and improve its financial stability. The CEO, Gary Little, sent an email to employees announcing that 105 employees would be let go. This represents approximately 25% of the company’s workforce.
The email did not provide many details about the company’s future plans, but it did mention that certain units and divisions, including Visits, OCF, and Foursquare City Guide, would be impacted. In addition to the layoffs, Foursquare is also pausing work on several initiatives, such as Mobile Developers Tools, Geode, and the current version of FSQ Insights.
Foursquare, once a popular app that allowed users to “check in” at locations and earn badges, has evolved into an enterprise tech company that provides data to brands and publishers. The company’s API is used by platforms like Atmosfy, a short-form video platform that helps users explore local businesses.
This is not the first round of layoffs for Foursquare. Employees were laid off during the merger with Factual, and there were reports of additional layoffs in 2022. Gary Little became CEO in late 2020, following the merger with Factual. The terms of the merger were not disclosed, but it was led by The Raine Group, a merchant bank that had previously invested $150 million in Foursquare in 2019.
Foursquare has not announced any new funding rounds since then. The company, which has been around for 15 years, has raised an estimated $400 million in funding over the years.
Overall, these layoffs and operational changes represent Foursquare’s efforts to adapt and improve its financial position. By streamlining its operations and focusing on its core offerings, the company aims to achieve long-term sustainability.