Steven Rosenblatt, FourSquare’s president, is going back to early-stage startups.
In February, Term Sheet reported that Rosenblatt would leave his role at the location technology company to launch his own venture. Now, he’s partnered with Facebook’s former director of sales Joshua Rahn and recruiting veteran Glenn Handler to launch Oceans.
The new company is being described as “a mentorship engine that partners with founders to solve core businesses challenges.” In reality, the team will consult with startup founders to create a plan of execution based on a company’s needs. In return, the three partners will receive a mix of cash and equity for their services. Rosenblatt declined to disclose the amount of cash/equity he and his partners will receive, but noted the cash to equity ratio will depend on company stage.