Cloud-based point of sale software company Vend has raised $6.6 million in new capital, with a third of the funds received from new Australian investors.
“We’re delighted to secure this second round of funding, not only from our existing investors, but from our new partners, which reflects our growing success in Australia. 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,” said Vaughan Rowsell, CEO and founder, Vend.
The new Australian investors include MYOB founder Craig Winkler and co-founders of Seek.com.au Paul Bassett and Matt Rockman. Yaselleraph Finance and Milford Funds have also contributed.
Launched in late 2010, Vend powers 6500 stores in over 100 countries. The company raised NZ$3 million between their first two capital rounds in 2011 and 2012, with this round being sought to further invest in the product and expand operations in New Zealand, Australia and the U.S. Vend opened its first Australian office in Melbourne earlier this year.
Winkler, also an investor in cloud based software company Xero, said he see 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 of small and medium retail businesses serve their customers more efficiently. Given that Vend has excellent technology and a strong team combined with a drive to help retail businesses shine, it’s a great investment,” he said.
Further investment has also been secured from the founders of NZ Jobs, Mr and Mrs Wilson, Rowan Simpson, Lance Wiggs and Miki Szikszai. Point 9 Capital from Berlin has also reinvested.