PayPal Co-Founder Peter Thiel Invests $49 Million Into Accounting Software Company Xero
Peter Thiel, the co-founder of PayPal and one of Facebook’s early investors, has invested $49 million into accounting software company Xero. This is Thiel’s third investment in Xero. Thiel and existing investors put $16.6 million into the company earlier this year. Thiel invested $3 million into Xero back in 2010.
Peter Thiel’s investment was put into the company through Valar Ventures, a venture capital firm that he funds. Matrix Capital also participated in this round. The two investors also purchased $18 million from Xero’s three largest shareholders. Xero has raised $67 million in funding thus far. Matrix Capital Management invested $47 million and Valar Ventures put in $20 million total.
Xero considers themselves as having the easiest accounting software. Xero entered the U.S. market last year. The company doubled their revenue and customer base since entering the U.S. market. They recently integrated with ADP’s online payroll platform and acquired practice management suite WorkflowMax.@amitchowdhry or on Google+ at +AmitChowdhry