(Repeats without change to text)
WELLINGTON, March 26 New Zealand retail
management software provider Vend Ltd on Wednesday said it has
raised NZ$25 million ($21.4 million) in fresh capital to help
expand its cloud-based platform of point-of-sales services in
the United States.
Major investors in the latest funding round include Valar
Ventures, the venture fund set up by Peter Thiel, the U.S.
billionaire, PayPal co-founder and Facebook investor, and
Australia's Square Peg Capital, Vend said in a statement.
Launched in 2009, Vend provides software which enables small
businesses to execute and track in-store and online sales and
manage inventories. The software can be integrated with
transaction and accounting services including PayPal and New
Zealand's Xero Ltd.
Vend is among a number of New Zealand tech start-ups which
are expanding into global markets with cloud-based office
software aimed at small businesses, in contrast with slick
social media apps which consumers download free of charge.
The company aims to increase revenues in the U.S., already
its largest revenue base by region, accounting for roughly 30
percent. "The additional funding will accelerate our North
American plans, allowing us to grow our major market and extend
into small and independent retail shops across the continent,"
Vend CEO Vaughan Rowsell said in a statement.
Vend is following in the footsteps of Xero, which has also
been raising capital to fund its U.S. expansion. Xero's share
price has quadrupled in the past year.
The latest Vend funding round follows an NZ$8 million
raising in 2013, and a total of NZ$3 million in 2011 and 2012.
($1 = 1.1707 New Zealand Dollars)
(Reporting by Naomi Tajitsu; Editing by Kenneth Maxwell)