Digital funds firm Stripe announced Wednesday that it raised over $6.5 billion in Collection I funding to worth the corporate at $50 billion.
As we reported earlier this month, the funds big was anticipated to boost a decrease quantity of funding, round $2 billion, although at $60 billion valuation. Extra not too long ago, Stripe was publicly valued at $95 billion.
New traders within the spherical embody GIC, Goldman Sachs Asset and Wealth Administration and Temasek. They joined present traders Andreessen Horowitz, Baillie Gifford, Founders Fund, Normal Catalyst, MSD Companions and Thrive Capital.
As earlier reported, Stripe intends to make use of the proceeds to “present liquidity to present and former staff and deal with worker withholding tax obligations associated to fairness awards, ensuing within the retirement of Stripe shares that may offset the issuance of latest shares to Collection I traders.” The corporate additionally famous that it “doesn’t want this capital to run its enterprise.”
It’s been an attention-grabbing time for Stripe, valuation-wise. Two months in the past, TechCrunch reported that Stripe had cut its internal valuation to $63 billion. That 11% minimize got here after an inner valuation cut that occurred six months prior, which valued the corporate at $74 billion. In between, Stripe laid off 14% of its workers, or round 1,120 individuals, in November.
