Xero Raises $150 Million In Funding

Posted Oct 14, 2013

Xero is a New Zealand based company that builds cloud accounting software.  Xero has raised $150 million in funding to help fuel expansion in the U.S.  Xero directly competes against Intuit’s QuickBooks.

Xero is a publicly traded company on the New Zealand Stock Exchange with a market cap of $2.27 billion.  Xero recently moved into a new 28,000 square-foot U.S. headquarters based in San Francisco.  This round of funding was led by Valar Ventures, Matrix Capital, and several other investors.  Xero has 100 employees in the U.S. and they have a plan to open another office in Denver this week.

?This new capital will help us to continue our mission of bringing powerful and accessible financial and billing systems to small businesses and their financial advisors anytime, anywhere,? Xero U.S. President Jamie Sutherland said in a statement.

[Source: SFGate]