/// Square’s Next Round Could Swipe a $4 Billion Valuation
Square is seeking to raise a fresh round of capital at a massive valuation of up to $4 billion, according to multiple sources familiar with the situation. If the company is successful, it will have quadrupled its worth since raising $100 million at a $1 billion valuation only 10 months ago . While that would be astonishing for a three-year-old company, it’s important to note that negotiations continue, and that investors could ultimately value the company at a slightly more modest number ( hmm , like $3 billion?!). A Square spokesman declined to comment. Square, which was founded by Twitter inventor Jack Dorsey, has quickly made accepting credit cards for small merchants a mainstream and affordable concept via a mobile phone. Over the past year, it has quickly expanded beyond handing out magnetic swipe readers to offer more robust experiences for both consumers and merchants, including software on the Apple iPad that acts like a register and software on the iPhone that is a virtual wallet. The payments method has received a warm reception from mostly small businesses, including taxi cab, food trucks, coffee shops and even lawyers and accountants. The rumors of Square looking to raise more capital started spreading after Owen Thomas, formerly of the Daily Dot, noticed Dorsey and Square’s COO Keith Rabois were in Boston and Baltimore, where many institutional investors are based. In fact, Thomas called Legg Mason, which confirmed it was looking at the San Francisco company. Previous investors in the company’s three rounds totaling roughly $137 million include: Kleiner Perkins Caufield & Byers, Tiger Global Management, Sequoia Capital, Khosla Ventures, Visa and well-known entrepreneur Richard Branson.
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Square’s Next Round Could Swipe a $4 Billion Valuation
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