Vend raises $13 million in new funding

Vend raises $13 million in new funding

Movac, Square Peg Capital and Jasmine Investments co-lead fundraising, to support growth plans in key international markets.

Auckland, New Zealand - 22 December 2016 - Retail software company Vend today announces NZD $13 million (US $9 million) in new capital. This includes significant new investment from Movac out of their recently launched Movac Fund 4, and Movac Partner Mark Stuart will join the Vend board. The funding round was led by existing investors Square Peg Capital and Sam Morgan’s Jasmine Investments, with other shareholders including Aspiring Asset Management also increasing their holdings.

“Square Peg Capital is delighted to grow its investment in Vend. Through 2016 we’ve seen the company continue to build a great team and deliver on growth and key metrics that drive long-term value. Vend is a quality company, with a massive global opportunity and the disciplined financial management necessary to capture it. Increasing our investment reflects that quality,” says Barry Brott, Vend Chairman and co-founder of Square Peg Capital.

“We’re excited to make Vend the first investment from Movac Fund 4. We’re looking for companies that have a strong team in place to grow the business, and the ambition and ability to scale to $100 million-plus in revenue. Vend ticks all the boxes, and has a truly industry-leading product. We’re looking forward to being part of their continued international success,” says Mark Stuart, Partner, Movac.

In the past 12 months Vend has grown significantly, while adding to its network of global partners which include Xero, Square, Apple and PayPal. Vend continues to be one of the fastest growing technology companies in New Zealand, placing on the Deloitte Fast 50 for the third year in a row and in the top 100 of the Technology Fast 500 Asia Pacific.

The funding will be used to continue Vend’s expansion and product development, capitalising on its position as the front-runner for advanced and multi-location retailers in its key international markets. The company is well established in Australia and North America, and has recently grown its UK presence to a team of 20 with a new office in East London, to serve thousands of new and existing local customers such as Lorna Jane, Jurlique Oxford St and Marie Claire’s Fabled retail concept.

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