Xero, which began operating in the United States in the last few months, raised about $16.4 million from the February deal. Drury said with the funds fueling already strong growth, he intends that the company will become a significant player across the globe. The U.S. part of the business is led by Sage veteran Jamie Sutherland.
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XERO RAISES $13 MILLION MORE
New Zealand-based Xero has raised about $13 million from existing investors after the online accounting application company gave existing investors a chance to buy stock at a February price paid by new investors. CEO Rod Drury said the Share Purchase Plan gave those shareholders the opportunity to purpchase stock as the same price achieved in a private placement completed in February.
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