Foursquare is not a consumer social app business, it’s a data company. And only when it admitted that to itself and revalued as such was it able to pull in more capital and keep chugging. Today at LA’s Upfront Summit, Foursquare’s lead investor from Union Square Ventures Fred Wilson stuck up for the startup while trying to make people understand how it’s changed.
“Think of it more like comScore than Instagram” Wilson insisted.
That’s critical because Foursquare had lost its edge with consumers. Your location became something easily baked into Facebook posts, Instagrams, and tweets, rather than something you posted on its own.
Then in 2014, Foursquare split its app in two, dividing the local tips in Foursquare from the checkins on Swarm. Foursquare stripped out some of…