Square Appears To Be Working On A New Mega-Round From Institutional Investors

jack dorsey

Photo: Asa Mathat | All Things Digital

Here’s a highly speculative, but fun story.It appears as though Square could be working on raising a brand new mega-round from institutional investors.

Owen Thomas of the Daily Dot, and formerly of VentureBeat and Valleywag, noticed Square CEO Jack Dorsey and COO Keith Rabois were in Boston, quickly followed by a trip to Baltimore.

Big deal, right? They’re probably always travelling for business.

Maybe, but Thomas points out that Fidelity is based in Boston, and Legg Mason is in Baltimore. Both are big institutional investors.

Thomas reached out to Legg Mason for comment, and the fund-management group confirmed that it was looking into Square.

We circled back to Legg Mason, Fidelity, and Square, but nobody’s commenting — Legg Mason told us they talk to companies all the time and referred us to Square, who said they don’t comment on rumour and speculation. But nobody denied it, either.

It sure would make sense.

Square is growing like a weed — the company is approaching 300 employees, up from less than 40 at the beginning of 2011, and is planning its international expansion this year. Last summer, the startup raised a round of $100 million at a reported $1.6 billion valuation.

See also: Square COO Explains The Death Of The Web And How Square Will Move Beyond Payments

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