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

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news