Naveen Selvadurai, co-founder of Foursquare, the US check-in service, has left the company. Foursquare was founded three years ago. Selvadurai said he has not yet determined his next step in his career, but he will continue to serve as a member of Foursquare's board.
There are reports that Spark Capital, an investor in Foursquare, is acquiring employee shares. Both Selvadurai and Dennis Crowley, another co-founder of Foursquare, sold their shares in a previous round of financing. (Weijin)
Related reports indicate that Foursquare has reportedly received a $50 million investment, valuing it at over $600 million. Foursquare is reinventing itself to become a life assistant. Google Latitude has launched check-in point rewards to challenge Foursquare. The journey of Foursquare's founders has been one from hardship to success, with personal experiences including witnessing the 9/11 event.
Sina Tech News, March 5th - Naveen Selvadurai, co-founder of the U.S. check-in service Foursquare, has departed from the company.
[Note: The translation keeps the original context and information structure while smoothing out the language for better readability in English.]