Will more funding and a new CEO be enough to save Foursquare?

Foursquare has been a fantastic idea in search of a business plan for as long as it’s been alive. Efforts to monetize the platform via ads in its app (now apps) have not made the grade. Now, the last of the cool standalone Web 2.0 companies has a new hit revenue stream in its business and enterprise location services and it’s looking to capitalize on that with some restructuring and new funding. Foursquare has raised $45 million in equity financing. The Series E round is led by Union Square Ventures, with Morgan Stanley and previous investors including DFJ Growth, A16z and Spark Capital participating. In addition, co-founder and CEO Dennis Crowley is moving to an executive chairman position and Jeff Glueck has been appointed the company’s new CEO. Glueck had been serving as COO and overseeing the enterprise businesses that have become the majority revenue stream for Foursquare. Chief Revenue Officer Steven Rosenblatt has been appointed Foursquare’s president and, Crowley says, Glueck’s ‘co-pilot’. Rosenblatt had previously been at Quattro and at Apple as a director of iAd. Other moves include Kinjil Mathur to CMO and Jonathan Crowley to VP of Product. Rory Parness (VP Finance), Meghan Lapides (VP HR), and Brian Chase (General Counsel) also join the executive team.