First, raising capital and going public are two entirely different things. One is generally an exit event and the other is not. One garners returns for your investors and the other does not. Square is raising operating capital to continue operations, not selling itself publicly to create returns for previous investors. I would be much, much more impressed to see Square go public than raise any amount of money. Or much more impressed with a company that raised $0 going public.
Big rounds aren't what matters when I say miss. What matters is that Square was not able to raise at the valuation it wanted and what that signals regarding their internal finances and the valley's investment community in general (and even beyond since Square raised from companies outside SV).
And yes, Square/Dorsey seem to strike a great emotional nerve, but that's my point. That's not by accident. That's very carefully crafted marketing. And to get as much coverage as they do, they probably spend an enormous amount on internal or external PR. It's all carefully crafted to tell exactly the story that Square wants us to hear.
First, raising capital and going public are two entirely different things. One is generally an exit event and the other is not. One garners returns for your investors and the other does not. Square is raising operating capital to continue operations, not selling itself publicly to create returns for previous investors. I would be much, much more impressed to see Square go public than raise any amount of money. Or much more impressed with a company that raised $0 going public.
Big rounds aren't what matters when I say miss. What matters is that Square was not able to raise at the valuation it wanted and what that signals regarding their internal finances and the valley's investment community in general (and even beyond since Square raised from companies outside SV).
And yes, Square/Dorsey seem to strike a great emotional nerve, but that's my point. That's not by accident. That's very carefully crafted marketing. And to get as much coverage as they do, they probably spend an enormous amount on internal or external PR. It's all carefully crafted to tell exactly the story that Square wants us to hear.