Foursquare Co-founder Naveen Selvadurai Checks Out

Three years after launching Foursquare in New York City, co-founder Naveen Selvadurai announced that he is leaving the company.

During his tenure, the Foursquare community grew from roughly one hundred Beta testers to 15 million people using the check-in service and 750,000 businesses on the merchant platform.  The site has logged more than 1.5 billion check-ins to date.

With over 100 employees, the growing company has moved its headquarters to a bigger office in SoHo and added a satellite office in San Francisco.

GigaOm writer Om Malik was suspicious when when Spark Capital, one of Foursquare’s investors, bought $50 million worth of employee stock last month. Today, Selvadurai confirmed in a blog post that he would be leaving the company at the end of the month.

“After three years, I feel I’ve done all I can do and I’m moving on,” wrote Selvadurai. “[Co-founder Dennis Crowley] and I have been discussing timing for a while, and we decided that now, on this anniversary, it feels right to begin the transition.”

Selvadurai will oversee the release of a few “final projects” before he leaves, and will remain on the board of advisers as the rest of the company moves forward.

“But spring is time for things that are new,” Selvadurai continued, “and I realize that I have a desire to do something new as well. I’m not sure about my exact next steps, but I’ll probably get back to what I love most – being an entrepreneur, learning and building new things.”