Startup Vend takes on international markets with $22 million cash injection
Vend, the world’s first HTML5 point-of-sale (POS) software provider, has raised AUD$22 million (USD$20 million) of investment capital in their latest round, which was co-led by PayPal co-founder and investor in Facebook, Peter Thiel of Valar Ventures (US) and Square Peg Capital (Australia).
Launched in the latter half of 2010, the New Zealand-based startup allows retailers to process sales, track inventory and manage customers. Although Vend powers over 10,000 stores in more than 100 countries, the US has been a major focus for the company – as highlighted by their recent hire of former Intuit and Mint.com executive, Anton Commissaris and the growth of its operations in San Francisco.
Vend raised NZD$8 million in May 2013, and NZD$3 million between their first two capital rounds in 2011 and 2012. The latest AUD$22 million round was co-led by Valar Ventures, an internationally-focused venture capital firm backed by Thiel, and Square Peg Capital, VC firm based in Melbourne, Australia. Existing investors, Craig Winkler (MYOB, Xero) and Matt Rockman (Seek.com.au), also contributed to Vend’s latest investment round.
In a media statement, Thiel said, “The best tech companies are those that enable you to do more with less. Vend’s powerful software is poised to enable millions of small- and medium-sized businesses to focus less on paperwork and more on bringing better products and services to their customers.”
The new cash injection will assist the company in their efforts to expand globally, with a focus on North America, Europe and Australia. Vend currently employs 10 staff in their Melbourne office, with plans to grow the Australian operation to over 30 by 2015.
Vaughan Rowsell, Founder and CEO of Vend, expressed optimism about 2014 being a big year for his startup: “With the support of Peter Thiel and Square Peg Capital, the additional funding will accelerate our North American plans, allowing us to grow our major market and extend into small and independent retail shops across the continent.”
“The last few years have seen a resurgence of independent retailers who have become more competitive against big chain stores by adopting cloud based POS software. Vend is proud to be helping drive that movement, by offering bricks and mortar retailers the kind of tools and business intelligence previously available only to chain stores and online businesses.”
The new funds will also be used to expand Vend’s channel of reseller partners, as well as build on their list of industry partners, which currently include PayPal, Xero, Stitchlabs, Swarm, and SelfPay.
More information on Vend is available via www.vendhq.com.