Photo: Illustration: Ellis Hamburger
We have some confirmation of the report that Square raised $200 million at a $3.2 billion valuation.On July 13, Square filed a revision to its articles of incorporation authorizing the issuance of 1,815,870 shares of Series D Preferred stock at a price of $110.14 per share, according to VCExperts.com.
That adds up to precisely $200 million—the figure that the payments startup is reportedly raising in a round led by private-equity firm Rizvi Traverse Management, also investors in Dorsey’s other company, Twitter.
VCExperts told us the previous round, which reportedly valued the company at $1.6 billion last year, was done at a price per share of $57.98. That means Square’s valuation per share is up 90 per cent. Including the new money in, once Square’s round is complete, it will be worth just over $3.2 billion.
And cofounder Jack Dorsey will be a billionaire.