April.20.2020
Orrick advised payment processing company Stripe on a $600 million extension of its Series G financing round. The investors in this financing included Andreesen Horowitz, General Catalyst, Alphabet’s GV and Sequoia Capital.
The financing builds on last October’s $250 million Series G financing, which was completed at a pre-money valuation of $35 billion. Stripe noted that “While the full economic impact of COVID-19 remains uncertain, several years of offline-to-online migration are being compressed into several weeks. The current disruption underscores the need for reliable, easy-to-use infrastructure for internet businesses. In this context, Stripe’s mission—to grow the GDP of the internet—means providing an on-ramp to the digital economy for businesses around the world. The rate of new businesses going live on Stripe has accelerated since the start of the year. With more than $2 billion on its balance sheet, a capital-efficient business model, and a highly-diversified, growing, global user base, Stripe is in a position to both provide uninterrupted service to its users in a time of stress and invest in long-term improvements.”
Stripe is also working to help communities and customers navigate the current COVID-19 pandemic.
Orrick has been advising Stripe since its inception. The Orrick team advising Stripe on the extension of the Series G financing round includes John Bautista, John Harrison, Bill Hughes, Pete Lamb, Kaitlin Bagby, Hector Rodriguez and Andrew Barlow from Orrick’s Tech Companies Group team, along with various Orrick specialists including Jason Flaherty, Diana Gillis, Blake Ilstrup, Steve Malvey, Scott Porter and Daniel Yost.