Vend raises extra capital
Auckland software firm Vend has raised a further US$20 million (NZ$23.3m) in venture capital from United States and Australian investors.
The funding round values the 100-person company at about US$100m.
Chief executive Vaughan Rowsell said the company expected to roughly double its workforce over the next 12 to 18 months, although most of the new jobs would be overseas.
Vend sells cloud-based point-of-sale software that lets retailers process sales and track inventory on both specialist point-of-sale hardware and common computing devices such as iPads. Its service is used by 10,000 outlets in 100 countries.
The capital-raising is Vend's largest to date. It raised $3m in 2011 and 2012 and then a further $8m in May last year.
Paypal co-founder and Xero investor Peter Thiel and Australia's Square Peg Capital jointly led the new funding round. The investors had acquired new shares equivalent to about 20 per cent of the company in return for the extra equity, Rowsell said.
Vend's software was helping smaller and independent retailers compete on a level footing with larger retail chains, he said.
"The past few years have seen a resurgence in independent retailers who have become more competitive against big chain stores by adopting cloud-based software," he said.
"Vend is proud to be helping drive that movement by offering brick-and-mortar stores the kind of tools and business intelligence previously only available to chain stores and online businesses."
The extra funding would help Vend expand further overseas, particularly in the US, and grow its indirect sales channel, he said.
- Fairfax Media