Xero, a Wellington, New Zealand-based provider of online accounting software for small businesses, has secured $16.6m funding.
Backers include Silicon Valley technology investor Peter Thiel, which participated through his New Zealand focused venture fund Valar Ventures, Sam Morgan and Craig Winkler.
The company, which recently appointed accounting industry veteran, Jamie Sutherland, as President of U.S. Operations, intends to use the funding to accelerate growth in the United States.
Founded in July 2006 by technology entrepreneur Rod Drury and specialist small business accountant Hamish Edwards, Xero provides cloud-based online accounting software for small businesses and their advisors. The company has over 60,000 paying customers in more than 100 countries around the world.
Xero’s U.S. team is based in San Francisco.