On February 25 Xero announced that Accel Partners and Matrix Capital Management invested $110.8 million in $US – 15.20/share.
I spoke with Ian Vacin, VP, Product Strategy and Marketing
The best part is, the additional capital is specifically to help fuel innovation and growth in the US and UK. Our new investor, Accel Partners, is one of the top Silicon Valley venture capital firms. Thus we are rounding out the team collectively including investors, board members and team members.
I asked the tough questions 😉 and here’s what Ian had to say:
Why are you fundraising now?
We saw a strategic opportunity to work with one of the world’s premier investment firms and took advantage of that. This is a win for Xero and its shareholders. We are excited about the US market and this is an opportunity to work with one of the most experienced investors in building companies here in the US.
Overall, the investment ensures we have the security to continue to invest in innovating and addressing the needs of customers in our global markets. It also provides us with access to unparalleled advice, networks and insight – allowing us to continue to innovate and disrupt for the benefit of small businesses and their advisors.
We continue to pursue the US market in a deliberate way – innovating continuously and listening to customers. We are making progress and are only in the earliest stages of our growth here in the US. The world’s leading investors agree that we are well positioned to address the needs of millions of small businesses unserved by a platform to connect to customers and collaborate with advisors.
You can read more about this here:
Based on this, Xero will have cash on their balance sheet of approximately NZ$ 285 Million or US$ 214 Million.
This means we can expect what we have already come to love about this company. Continued innovation, releases and more enhancements to an already great product.
You can keep up with product releases and release dates here:
Check out Xero’s latest home page video. It highlights some of the benefits of using this product. It is the next installment in the series that featured the small business treehouse, the accounting office and the Xero Touch plumber videos.
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