Vend raises $6.6m from investors
- 15 May, 2013 12:35
Online point of sale (POS) software vendor, Vend, has raised $6.6 million of new capital which will be used for product enhancement and the expansion of operations in New Zealand, Australia, and the US.
A third of the funds committed are from Australian investors: MYOB founder, Craig Winkler, and Seek.com.au co-founders, Paul Bassett and Matt Rockman.
Winkler, who is also an investor in Cloud-based software compay, Xero, said he sees a huge opportunity for Vend.
"Most of the best innovation in business software today is happening in the move to the Cloud. Vend is at the forefront of that move, with tools to help literally millions on small and medium retail businesses serve their customer more efficiently," Winkler said.
"Given that Vend has excellent technology and a strong team combined with a drive to help retail businesses shine, it's a great investment."
In addition, Bassett said he made the investment due to Vend's ability to disrupt a traditional vertical like retail.
"Vend combines a superior product to traditional POS systems as well as a significantly cheaper price point," he said.
Vend also secured investment from Milford Funds and Yaselleraph Finance. NZ Jobs and Point 9 Capital have reinvested.
"We're delighted to secure this second round of funding, not only from our existing investors, but from our new partners," Vend CEO and founder, Vaughan Rowsell, said. "We are focused on significantly expanding our operations in Melbourne and San Francisco and achieving our goal to be the POS platform of choice for small businesses worldwide.
Vend opened its first Australian office in Melbourne earlier this year.
The vendor raised $NZ3 million between its first two capital rounds in 2011 and 2012. At present, it powers 6500 stores in over 100 countries.