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Braintree announced a $34 million Series A investment from Accel on June 29, 2011. The company said it had bootstrapped profitably for four years and planned to use the funding to improve its payment products and pursue new opportunities in payments.
What Braintree announced
The financing announcement named Accel as the investor and said Accel partner Ryan Sweeney would join Braintree’s board. Braintree described the deal as a Series A round, despite saying it had already operated profitably for four years.
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In the announcement, founder and CEO Bryan Johnson said, “We believe that the payments industry is undergoing a transformative change as significant as what occurred with Netflix and Blockbuster.” That was Johnson’s view of the market, not an independently established industry finding. Braintree’s June 29, 2011 announcement contains the deal details and the executives’ statements.
What Braintree planned to do with the funding
Braintree said it would invest in improving its core products and pursue opportunities in payments. The announcement did not provide a spending breakdown or specify individual projects.
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Accel partner Ryan Sweeney explained the firm’s interest this way: “Braintree caught our attention when we realized the vast majority of our portfolio companies were turning to them for payments.” This describes Accel’s stated rationale for investing.
What Braintree did in 2011
Braintree said its service helped businesses accept online and mobile payments. Its description included merchant accounts, a payment gateway, recurring billing, stored card details and PCI compliance solutions.
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The company reported a transaction-volume run rate of $3 billion and more than 2,000 merchants in its June 2011 announcement. Those were figures supplied by Braintree, not independently audited measures. A contemporaneous VentureBeat report also covered the financing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to Braintree later
Accel’s current portfolio listing records its investment in Braintree as a 2011 Series A and says Braintree was acquired by PayPal. The listing does not specify when the acquisition occurred or disclose its terms. Accel’s Braintree portfolio page provides that later-status information.
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