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Irish brothers hit Silicon Valley big time after $100 million valuation by Sequoia

By
PATRICK COUNIHAN,
IrishCentral.com Staff Writer
Published Sunday, February 12, 2012, 9:03 AM
Updated Sunday, February 12, 2012, 9:03 AM

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PayPal-founder Peter Thiel invests in Collison brothers' latest venture Stripe.


Two Limerick brothers, who have been branded as Ireland’s answer to Facebook founder Mark Zuckerberg, are in the money – big time.

Patrick and John Collison now run a Silicon Valley company worth over $100 million after their latest funding round.

The Irish entrepreneurs have just raised $18 million in investment for their Stripe technology company, $17 million of it from one of the world’s top venture capital firms.

Sequoia Capital, early investors in Apple, Google and Yahoo, have just signed the investment deal with the Collison Brothers.

Their fellow investors include PayPal founder Peter Thiel, already set to make a $2.45 billion profit on his investment in Facebook.

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The latest round of funding values Stripe at $100 million, just seven years after one of the brothers won Ireland’s Young Scientist of the Year prize for students.

Their Stripe company is developing an online payments technology that will rival eBay and PayPal.

It allows businesses to sell their products online without having to get an expensive merchant’s bank account to receive credit card payments.

Reports say that Stripe stores the customer details on its own system and deals with the associated compliance matters in a major saving for customers.

Stripe currently employs 17 people at its San Francisco offices.

Silicon Valley lawyer Michael Patrick told the Irish Independent: “The $100m price tag is off the charts, statistically. There must be something red hot here for Sequoia to invest at that valuation. This isn’t naive money.”

Patrick Collison tweeted his excitement at the news. “Huge thanks to everyone who helped us get here,” he said.

The Collison brothers initially became teenage millionaires in 2008 when they sold their first company Automatic for $5m – and famously promised to "fill the fridge."

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See more: News from Ireland , Technology news , Irish business news
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4 Comments

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canadianirish | May 07, 2012, 09:51 PM EDT
Well done, lads!

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sirpeter | Feb 12, 2012, 09:08 PM EST
Why not!! CitizenWhy?? At least this story is true.I'm still waiting for that ice age to hit Ireland that was in one headline.Hyped up headlines are an IC trademark.It takes a lot of skill to to hype up a headline without making it pure lie.The formula is get a big bowl of half-truths and add liberal amounts of exaggeration and stir and twist the contents vigorously and you have a story.Five mins in the microwave and the headline comes to the top.

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oaklongan | Feb 12, 2012, 06:31 PM EST
Ireland doesn't lack for Good Minds, Talent, Determined Effort and Hard Work, and HEART. Witness Her Contributions to America (also other countries), as well. More Power to the Collison Brothers, Patrick and John.

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CitizenWhy | Feb 12, 2012, 01:32 PM EST
Well, great for the brothers and more power to them, but $100 million is a mere pittance by Facebook and Silicon Valley standards, so the headline writer here needs to sober up a bit. $100 million is still a very nice piece off change. It doesn't need a hyped up headline.

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