Square postpones IPO
Square has postponed their initial public offering. Square is the mobile payments startup that was created by former Twitter founder Jack Dorsey, according to FOX Business. In Q4 2013, Square discussed a 2014 IPO with investment bankers and Nasdaq executives.
Unfortunately, Square postponed their IPO because of problems with the revenue run rate. Square is not yet profitable despite hitting $100 million in 2013 revenues. Square recently raised funding at a $5 billion valuation. Square raised $341 million in total funding starting with their first round in 2009.
Some of Square’s investors include Sequoia Capital, Kleiner Perkins, First Round Capital, Visa, Starbucks, Dennis Crowley, Ron Conway, and Marissa Mayer. Square also recently released one million secondary shares, which means that Square employees opted to sell their stake in the company. Apparently $200 million worth of shares went to Prince al-Waleed, an investor in Twitter.
[Source: Fox Business]