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9:46 AM EDT

Good morning, Term Sheet readers.

EXCLUSIVE: In February, Term Sheet reported that FourSquare’s president Steven Rosenblatt would leave the company to launch his own venture. He has now 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. Read more