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Twitter chairman and cofounder Jack Dorsey has a new startup called the Square iPhone Payment System, to be located at SquareUp.com.
The business will be selling consumers on an attachment for their iPhones they can use to pay for stuff instead of using their credit cards.
VCs are completely nuts for it. (Probably Twitter’s $1 billion valuation didn’t hurt).
A source in the investing community tell us Square’s Angel round was the “hottest i’ve seen.” He tells us, “lots of people are mad they didn’t get an allocation.”
So who are the lucky VCs that did? We don’t have a full list, but our source says, “obviously [Twitter investor] Union Square [Ventures] is involved.”