Foursquare’s president is stepping down from the location technology company to launch his own venture.
Steven Rosenblatt, who has served as Foursquare’s president and chief revenue officer for the last six years, will leave the company to launch what is likely to be an early-stage investment firm or accelerator. (Foursquare did not confirm this, but its CEO Jeff Glueck told Fortune that the venture will focus on “early-stage investment and startup advisory services.”)
Rosenblatt’s last day as Foursquare’s president and chief revenue officer is April 2, but he will still be involved with the company as an advisor. Foursquare is looking for someone to fill the chief revenue officer role.
In a statement to Fortune, Rosenblatt said he chose to leave as a result of “an insatiable itch to start a company that emblemizes my passion for working with early stage companies.” He added, “I’m excited for this new endeavor that will allow me to work alongside investors and startups at pivotal moments of growth.”
Before joining Foursquare in 2012, Rosenblatt led advertising sales and strategy for Apple and launched iAd, Apple’s advertising platform for brands and developers. He was also previously the senior vice president of advertising sales at Quattro Wireless until it was acquired by Apple in January 2010.
Prior to joining Foursquare full time, Rosenblatt worked as a consultant for the startup. As a consultant, he helped recruit Glueck to the company. Glueck first joined as the startup’s COO and then took the chief executive role in 2016. The executive shakeup was a result of Dennis Crowley realizing he was no longer the right person to lead the company he cofounded.
“Steven had a huge impact in helping us evolve Foursquare from a purely consumer company to the enterprise business it is today,” Glueck said. “We’re in a good place now.”
In 2014, Foursquare transitioned from a consumer-focused company to an enterprise one. And it seems to be paying off. In each of the last three years, the company has reportedly grown its revenue by more than 50%. Glueck said the company is not yet profitable, but expects it to be “in the next few years.”