Square Corrals $100 Million, Achieves $1 Billion Valuation
Posted By Dave Smith On June 29, 2011 @ 11:24 am In Apps,E-Commerce,Internet and Online Business | 1 Comment
Twitter co-founder Jack Dorsey revolutionized mobile payments with Square, which made credit card transactions over mobile devices simple and cheap for merchants and small business owners. The San Francisco-based start-up announced via its Twitter account yesterday it had received more investor love, raising $100 million in its Series C Financing round led by veteran VC firm Kleiner Perkins Caufield & Byers.
According to GigaOM, this recent investment boosts Square’s value from $240 million in January to $1 billion. The investment comes one month after Square released its solution [1] to the cash register, called the “Square Register,” and its card managing system called the Square Card Holder.
Square also announced that former Wall Street analyst Mary Meeker will join Square’s high-powered board, which already includes Vinod Khosla, founder of Khosla Ventures, and Larry Summers, President Obama’s economic advisor.
Square processes nearly $4 million in payments each day.
Read more from GigaOM [2].
[3]Courtesy: GigaOM
Article printed from Inc. Technology: http://technology.inc.com
URL to article: http://technology.inc.com/2011/06/29/square-corrals-100-million-achieves-1-billion-valuation/
URLs in this post:
[1] solution: http://technology.inc.com/2011/05/25/square-wants-to-kill-the-cash-register/
[2] GigaOM: http://gigaom.com/2011/06/28/square-gets-100-million-mary-meeker-joins-the-board/
[3] Image: http://technology.inc.com/wp-content/uploads/2011/06/square100.gif
Click here to print.