Square Grabs $100M

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    NEWSLETTERS

    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.