Perhaps this is an opportune moment to declare that never in the history of capitalism has a small company grown so fast in so little time, at least in valuation terms. Okay, that was a tad dramatic, but it drives home the awesomeness of Square. They’re the small company that allows for credit card transactions via smartphones. Today it has become official: Square is valued at $1 billion thanks to a Kleiner Perkins Caufield & Byers investment worth $100 million.
The new boost from KPSB will grow Square’s board, as Mary Meeker joins the likes of Vinod Khosla and Larry Summers, both of whom have been around much longer. Jack Dorsey must either be stressing or feeling great right now. The Twitter co-founder has proven that second takes are worthwhile, especially if you’ve got a solid reputation and track record behind you.
Here’s Square in an earlier NY Tech Blog post, back when they were a strapping young startup spoiling for a fight:
“After all those months in beta, the word on the street is Square is a certified hit. Even if the user base was limited to just 50,000 people, millions of dollars worth of payments are already being made thru Square. Square’s rising profile must mean it’s ripe for a good dose of venture funding…”