Square Grabs $100M

By Mathew Luschek
|  Wednesday, Jun 29, 2011  |  Updated 1:46 PM PDT
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Square Grabs $100M

Those Twitter guys really know how to make a successful company.

Twitter co-founder, Jack Dorsey, who stepped away from the company to work on his new business, Square, has raised $100 million in a third round of funding led by Kleiner Perkins Caufield & Byers.

This shoots the company's valuation to more than $1 billion, the Wall Street Journal reports.

The company's last round valued it at just $240 million, says Venture Beat, and this latest round quadruples Square's valuation.

Kleiner Perkins partner Mary Meeker told the Wall Street Journal, “We’re making a bet that Square has the right product at the right time.”

Square allows anyone to turn their mobile device into a credit card accepting machine. The user can get a free card reader from the website, that plugs into the device's headphone jack. The company takes 2.75% of the transaction, and an receipt will be emailed to the customer afterwards.

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