Xero Raises $111M And Hires New U.S. Lead For Its Cloud-Based Accounting Business
Summary
New Zealand-founded accounting software firm Xero has raised a $110.8 million round of capital to grow its business in the North American market. The money will be put to work growing the company’s business in the U.S. and, on that note, Xero is also bolstering its U.S. and global team with a new hire. Accel partner Andrew Braccia believes that Xero — which claims to have more than 400,000 small businesses on its books — has what it takes to compete though: Accel always looks for enduring technologies with global reach and we see the need and opportunity for millions of small businesses to grow on Xero’s platform. We’ve worked with several other leading companies in the region to broaden their global reach and we hope this experience will be valuable as Xero’s strong leadership team looks to expand in the United States. Its most recent round was $150 million in October 2013, led by Peter Thiel-backed Valar Ventures and Matrix Partners.
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