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Xero Sees $26.4 Million Investment

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Cloud accounting firm Xero recently picked up $26.4 million in new funding. The New Zealand based-company received the investment from U.S.-based Technology Crossover Ventures (TCV).

TCV now holds a 1.3% stake in Xero, having purchased shares of the company from Matrix Partners. The deal takes Matrix Partners’ stake in Xero down from 9.8% to 8.5%. Xero CFO Sankar Narayan told Accounting Today, “It is routine that some early-stage investors will rebalance their portfolios and we’re thrilled to receive strong support from new investors who are ready to join Xero for its next phase of growth.”

Xero was founded in 2006 and went public in New Zealand in 2007. In 2012, the company made its public debut in neighboring Australia and announced plans for a U.S. IPO in the near future. Last week, the company was named a 2017 Top Rated Accounting & Budgeting Software on TrustRadius and earlier this year it received accolades from Inc., which listed Xero among eight business apps that are going to “crush it” in 2017.

At FinDEVr San Francisco 2014, Xero’s Head of U.S. Partnerships, David Pollock, gave a presentation titled Building an API-Driven Ecosystem for Small Business to an audience of developers. The company’s CEO Rod Drury last presented at FinovateSpring 2011.