Orrick Advises Stripe on $6.5 Billion Series I Financing

1 minute read | March.15.2023

Orrick advised payment processing company Stripe, which builds economic infrastructure for the internet, on a $6.5 billion Series I financing round. The primary investors include existing Stripe shareholders Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital, as well as new investors including GIC, Goldman Sachs Asset and Wealth Management, and Temasek.

The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors. Stripe does not need this capital to run its business.

Orrick has been advising Stripe since its inception. The Orrick team advising Stripe on the Series I financing was led by partners John Bautista and John Harrison.

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John Bautista Partner, Technology Companies Group, Mergers & Acquisitions

San Francisco; Santa Monica; Silicon Valley

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D:+1 650 614 7652
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Practice:

Technology & Innovation Sector
Technology Companies Group
Mergers & Acquisitions
Corporate Governance
Fintech
Blockchain and Virtual Currency

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John Bautista Partner

San Francisco; Santa Monica; Silicon Valley

John focuses his practice on advising emerging companies and investors, and represents both public and private high-tech and life sciences companies in many areas, including corporate and securities law, venture capital financings, mergers and acquisitions, public offerings, public company representation and technology licensing.

The Recorder named John the “2019 Innovator of the Year” for his work as the chief lawyer on the Long-Term Stock Exchange, a U.S. Securities and Exchange Commission-approved exchange designed to change the paradigm of traditional stock markets by rewarding entrepreneurs and investors committed to long-term business strategies. Financial Times recognized John as one of the Top 10 Most Innovative Individuals of the Year in 2017, calling him “one of the most influential lawyers in the technology ecosystem of Silicon Valley.” He is ranked Band 2 by Chambers USA California, for Venture Capital and Chambers USA Nationwide, ranked him Band 3 for Startups & Emerging Companies.

John is a Board member and co-founder of the Long-Term Stock Exchange, which is creating a new stock exchange for public companies supporting long-term investors, as well as an advisor and co-founder of Clerky.com, a company automating legal work for early-stage companies. He is also recognized for his work with Y Combinator companies.

Prior to joining Orrick, John was a founding attorney of Venture Law Group and served on the Executive Committee. John previously practiced at Wilson, Sonsini, Goodrich & Rosati. John also served as Mayor of the City of Cupertino, California and a council member from 1993-1997, where he helped build important public partnerships, including with Apple Computer, the Mid-Peninsula Open Space Preserve, and San Jose and California Water Companies.