I was really happy to hear the details of Foursquare’s financing this morning, but a little bummed to see how my conversation with Businessweek came out in the article, just saying that I thought the $600M price was too high.
What I spent probably 95% of my conversation with Businessweek saying (and why I was happy to speak with them when they called) is that I think what Dennis and Evan and the team there have done is amazing, and I think they have a real shot at building something meaningful and durable — a trick not a lot of companies ever get, and especially not companies who had such a meteoric rise at the beginning before getting down to business.
I said that I was blown away by the 2 of them, and have high confidence that what they’re doing now will work very well (exhibit A: new iPhone app that dropped last night).
I also said that at the end of the day I didn’t think I was going to be able to get to a price that would have worked for us and for the company, so didn’t press it — it was just very hard for me to think about valuation given the turns the company is making.
That was before I knew about the specifics of the convertible round, but sounds to me like others came to the same conclusion. Interesting to hear that, since feedback loops in this industry are so often incomplete.
But no matter. What does matter is that they raised the money they need to give this a real go. I have high confidence in these guys that they’ll do well and build interesting products and a great business for a long time.