Iconiq Capital, the low-key firm known for investing the fortunes of well-connected Silicon Valley billionaires, has plowed fresh capital into Adyen BV, valuing the payments startup at $2.3 billion.
The financing comes nine months after General Atlantic and other investors valued Adyen at $1.5 billion in the largest financial-technology venture deal of 2014, according to Dow Jones VentureSource.
Adyen co-founder and Chief Executive Pieter van der Does said Adyen didn’t need more funding. The profitable company did $185 million in revenue last year and expects to double that amount this year, he said. It still has the majority of the $250 million it raised last year in the bank, he added.
Mr. Van der Does said he accepted the new cash because the connections that came with it were irresistible.
“When Iconiq comes knocking, you have to think twice before saying said Mr. Van der Does of the firm, which is known for investing the fortunes of Facebook Inc. founder Mark Zuckerberg, Zynga Inc. founder Mark Picus and others. “It’s significant to land them and allows us to have investors now represented world-wide.”
Since launching in 2011, Iconiq has taken stakes in nearly two dozen fast-growing companies ranging from digital document management startup DocuSign Inc. and e-learning company Pluralsight LLC to India e-commerce site Flipkart Internet Pvt. Ltd.
The extra funding comes as Adyen seeks to establish itself as a point-of-sale, or POS, solution for physical retailers.
Read the full article about Adyen’s funding–including how it has evolved, its competitors, and why POS is an important next step–at Dow Jones VentureWire.