Just ahead of the third anniversary of Foursquare’s launch, co-founder Naveen Selvadurai has announced that he will be transitioning out of the company at the end of the month.
In a statement posted on his blog Sunday night, Selvadurai says: “After three years, I feel I’ve done all I can do and I’m moving on. [Co-founder] Dennis [Crowley] and I have been discussing timing for a while, and we decided that now, on this anniversary, it feels right to begin the transition.”
Selvadurai will remain on the company’s board, but did not elaborate on his plans for the future. “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.”
The details of Selvadurai’s departure remain unclear though the announcement comes in the midst of shift for the company as it moves from startup to scaled business. “When you start, you are so focused on engagement,” Crowley told Techcrunch at the Mobile World Congress last week. “Then you hit this point when you are big enough and say there is something awesome going on anyway. At some point you look and say, oh wow, the consumption model is actually taking off.”
Nine months after raising a massive 50 million dollar venture round from a handful of top investors, Foursquare is said to be valued at over $700 million and has 100 plus employees in New-York City, San Francisco and, London. The company is making a big push in the loyalty space and Crowley has said that is considering creating a paid merchant service in the spring.
Selvadurai’s departure leaves Crowley, who has long been the public face of the company, alone at the helm. Though it is unclear whether Crowley will take on a new title, it would not be surprising if the company took the opportunity to streamline its structure.
Steven Jacobs is an associate editor at Street Fight.