POS start-up Vend secures $20m funding
25 March 2014 | 4998 views | 2
New Zealand-based online point-of-sale software vendor Vend has scored US$20 million in a funding round led by PayPal co-founder Peter Thiel's Valar Ventures and Square Peg Capital.
Launched in late 2010, Vend's cloud-based point-of-sale software, which enables retailers to process sales, track inventory and manage customers, powers over 10,000 stores in more than 100 countries.
The start-up has now set its sights on the North American market, vowing to use the new money to bring onboard partners, resellers, staff and customers across the continent.
Former Intuit and Mint executive, Anton Commissaris has already been hired as part of a growing San Francisco operation while the company has also recently established a new North American support office in Toronto.
Vaughan Rowsell, CEO, Vend, says: "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 brick and mortar retailers the kind of tools and business intelligence previously available only to chain stores and online businesses."
Adds Thiel: "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."