What does Xero Do?
Xero is the global leader in online accounting with more than 3 million paying customers in 100 countries. It provides cloud accounting software and services for small business and accounting professionals. It has its US headquarters in San Francisco and satellite offices in New York, Los Angeles and Denver. The services include accrual accounting system with a cash book, bank feeds daily, creditors, debitors, invoicing, sales tax and reporting. It improves small business by saving them time on back office processes and provides their advisors higher value and higher impact services.
How much Xero Funded?
This accounting software company has raised a $110.8 million from the investors Accel Partners and Matrix Capital Management. Accel Partners lead the funding by providing a $100 M at a rate of $15.052 per share, which might close by mid March this year.
- $12 M/ Post Ipo Equity on June 1st 2007
- $13.6 M/ Venture on April 7th 2009 from Craig Winkler
- $3M/ Venture on October 22nd, 2010 from Peter Thiel
- $16.6M/ Venture on February 3rd, 2012 from Craig Winkler, Peter Thiel and Sam Morgan
- $49 M/ Venture on November 29th, 2012 from Valar Ventures, Matrix Partners
- $150 M/ Private Equity on October 13th, 2013 from investors Matrix Partners, Valar Ventures
What is next for Xero?
With the new funding this accounting software firm is to extend its business in North America Market. The money will be used to grow its business in U.S.A and hire more staff for its U.S and global team.
There is a lot of competition in the accounting software field in USA and Xero will have to fight the tough competition with Intuit, the biggest accounting software, and small rivals such as Freshbooks.
More of Xero
Xero, the global leader in online accounting space is founded by Rod Drury and Hamish Edwards on July 1st, 2006. It provides accounting software and other services for small businesses. It makes accounting quick and easy for small business owners.
It provides free reporting practice management software to its partners to make the accounting practice or bookkeeping business easy.