Wall Street Journal reports this week
that Jack Dorsey has raised $27.5 million in venture capital for his latest start-up
, Square, that allows smart phones to process credit-card payments.
The funds come courtesy of Sequoia Capital, the California-based firm that provided early seed money to YouTube and other Silicon Valley start ups. With the latest round of funding, the Journal
estimates the value of Square at around $240 million.
Dorsey tells the paper he plans to use the money to hire additional staff for company's San Francisco office that currently employs 64 people. Dorsey graduated from Bishop DuBourg High School
in south St. Louis in 1995. H/T: St. Louis Business Journal