Square, Inc. - Business Model, Venture Financing and Valuation

Christian Rauch
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引用次数: 1

Abstract

Square, Inc. is a provider of hard- and software enabling small merchant businesses to accept card payments. The company was founded in 2009 by, among others, Jack Dorsey who still runs the company to this day. Based in San Francisco, the company has been part of Silicon Valley’s Unicorn-iverse, reaching billion-dollar status in 2011, and going public in an IPO in November 2015. Square reached notoriety among industry insiders and the interested public for its rocky valuation road: within a matter of three short years, the company saw its (paper-) valuation double and get slashed again by 50% at the IPO. This case study details Square’s business model and its Venture Capital funding history. Based thereon, the study attempts to derive an intrinsic value of Square.
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Square, Inc. -商业模式,风险融资和估值
Square, Inc.是一家硬件和软件提供商,使小型商户企业能够接受信用卡支付。该公司成立于2009年,创始人之一杰克·多尔西(Jack Dorsey)至今仍在经营该公司。该公司总部位于旧金山,是硅谷独角兽世界的一部分,2011年市值达到10亿美元,并于2015年11月上市。Square的估值之路坎坷,在业内人士和感兴趣的公众中臭名昭著:在短短三年的时间里,该公司的(账面)估值翻了一番,但在IPO时又被大幅削减了50%。本案例详细介绍了Square的商业模式及其风险投资历史。在此基础上,本研究试图得出Square的内在价值。
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