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THE NEW VENTURE of two Limerick brothers, aged 23 and 21, has been valued at around $100 million after its latest round of private fundraising, it has been reported.
Bloomberg says Stripe, an online payments system which allows consumers to accept online credit card payments, has attracted $18 million in funding from groups including venture capitalists Sequoia Capital.
The report claims Sequoia – which has previously invested in the likes of Google, Yahoo!, Apple, Cisco, PayPal, YouTube and LinkedIn – contributed $17 million of those funds.
The Stripe product is aimed at allowing retails to set up online stores without having to set up an account with a merchant bank, or deal with the slippery business of having to safely secure credit card details.
Other previous investors in the company include Peter Thiel, a venture capitalist best known for being the co-founder and first CEO of PayPal, and for being one of the first investors in Facebook.
Stripe was set up by brothers Patrick and John Collison, Limerick brothers who already have experience in selling technology startups: in 2007 they found ‘Shuppa’ (pronounced as in ‘siopa‘), a software product that helped people to optimise sales on the likes of eBay.
That company merged with a similar firm set up by two Britons and was later sold to Canadian firm Live Current Media for $5 million, making the brothers overnight millionaires. The pair now live in Palo Alto, California, working full-time on Stripe.
Patrick is a former winner of the BT Young Scientist competition, taking the top prize in 2005 after creating a new dialect of the LISP family of programming languages. He went on to take the top prize at the European competition.
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Great news story, a lovely read for a Friday :-)
Fair play to them.
who would thumbs down that comment, wankers!
Fair play lads, I wish you much success.
Thats the sort of innovation Ireland needs.
And they have to leave Ireland, wish they could of stayed in Ireland
Congrats to @patrickc and brother John Collison @collision on latest $18m funding!
This isn’t Twitter you know
Delighted to see these two brothers getting on so well.I am sure they will go far. Fair dews to them.
Fair dues
I stand corrected
They deserve it. Their main product has removed one of the last barriers to market for anyone setting up a new business or wanting to operate a small business. Brillant.
Spot on Peter.
Couldn’t be happier about this. Great people, great product, great investment.
Really amazing entrepreneurial spirit but wish it could have been further developed in Ireland rather than California :)
Why can’t we make it attractive for guys like that to start up/ keep their business in Ireland . What are the politicians doing??
I dont think it can be entirely blamed on politicians..I dont think Ireland has the same startup environment that california has…and I think its a lot to do with our attitude towards entrepreneurs…and lack of VC funding perhaps..I think to imitate an environment like california, Ireland needs a spark, and for lots of people to take risks, both on their own ideas and on other peolpes…and also to think big, these guys obviously have done that but id say they are one of very few in Ireland. Maybe the draw of having like minded people around is what took them to the US?
First time I’ve ever seen a story on the Journal without a single “thumbs down” good work lads.
of course just as I send my comment…………ah well, still a great story
Great news hope it goes well for the young men,best of luck,it’s what Ireland needs at these times
Chris money doesn’t buy genius it’s fairly obvious these boys are something special really proud of them all do I don’t know them
Congratulations to them ! It’s a shame they couldn’t be incorporated in Ireland and employ Irish people, but the truth of the matter is that our universities are not producing graduates of the calibre required to start a tech company and guide it to success .
A corollary to that is the total funding vacuum that exists for tech startups in Ireland , whether it is venture or angel investment. Enterprise Ireland lack the domain knowledge required – a software startup costs peanuts to fund initially ; most of the cost goes on rent and food but EI and their ilk want to give you way more money than you need in exchange for way more equity than you want to give away, on top of ridiculous conditions like needing to hire a minimum number of people and spend a minimum amount which you will then be reimbursed for.
We will never have a so called smart economy if this doesn’t change and we will continue to produce mickey mouse companies that turn a tiny profit and hire a tiny amount of staff.
I don’t agree 100% with the calibre of graduates in Ireland. i think that the problem is more so the numbers of people doing IT/science subjects. There are some pretty smart people coming out of some pretty good courses at the moment but nowhere near enough.
Very well said Eric. The government should make it easier for the existing it contract development community to setup business and go it alone. I have 12 years experience lots of good ideas but I can’t take s year off ti try something without
Free office rent
A grant of about 45 k a year
And free access to broad band and hardware
Give me that enda and in 5 years I would employ at least 5 if not mire people
The thumbs down on the site is getting a bit ridiculous.
@ Chris Gardner – Your very much mistaken these guys went to a public school in Limerick, if their parents wanted elite education for them they could have sent them to Glenstal not far away. The only downfall with this type of talent in Ireland is that we don’t know how to nurture them past the R&D stage. These guys are in the mould of Gates & Zuckerberg,just a shame we couldn’t keep them but the v best of luck to them.
These Brothers while they deserve their hard work it must be pointed out that they came from an enormously priveleged family with basically unlimited resources. They were destined to do well getting every and all help along the way. Not the story of the vast majority of irish young men. As I said I am thrilled they are doing well but I and millions like me never had these priveleges growing or resources. Its a pity all Irish school goers do not get the same equalities and indeed come to school facing enormous disadvantages, We won’t be reading about them anytime soon.
Well done lads.
There should be a http://www.coderdojo.com in every town/village in the country! Time to ditch fable studies and get programming languages into schools!
OMG lads yis are a legend, well done, I’m as proud of you both as if I were your mother! Wonderful…
They’re set up for life then! Well done to them!
Congratulations to you both
The very highest levels of protection must be provided for intellectual property such as this for the most obvious of reasons. I’m certain that the naysayers and petty critics who believe that it’s acceptable practice to thieve from owners of such valuable property will slink to the sidelines while these young lads bask in well deserved glory.
Fantastic achievement lads…well done!
Your welcome Palo Alto, California.
“You’re welcome” dummy
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