Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Auckland’s Vend taps Peter Thiel and others for US$20 mln

Auckland’s Vend taps Peter Thiel and others for US$20 mln to fund growth

March 26 (BusinessDesk) – Vend, which sells online point-of-sale software, raised US$20 million from investors including PayPal founder Peter Thiel to help fund its expansion in North America and Europe.

Auckland-based Vend, which counts Trade Me founder Sam Morgan among its shareholders, said Thiel’s Valar Ventures and Australia’s Square Peg Capital led the fund raising. The company previously raised $8 million last May and $3 million between 2011 and 2012.

The capital raising extends Thiel’s interests in New Zealand, which include Xero.

Vend started in late 2010 and its software is now used in more than 10,000 stores in more than 100 countries, the company said in a statement. The expansion made it the world’s fastest-growing online POS software provider, it said.

“2014 is going to be a very big year for Vend,” said Vaughan Rowsell, Vend chief executive. “With the support of Peter Thiel and Square Peg Capital, 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."

The company has global partners including PayPal, Xero, Stitchlabs, Swarm and SelfPay. Thiel participated in Xero’s $180 million capital raising in October last year. Morgan also holds Xero shares.

Berlin-based Point Nine Capital also participated in Vend’s fund raising.

Thiel said that cloud computing is bringing “a revolution” to small businesses via companies such as Vend, which was “poised to help millions of small to medium businesses move onto the cloud to do better business and ultimately fuel economic growth.”

Vend’s cloud-based software allows retailers to process sales, track inventory and manage customers and can operate on a range of devices including iPads.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news