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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news