New Zealand-headquarted point of sale (POS) software provider Vend has secured A$22 million (US$20 million) of capital for expansion into the North American market.
According to the vendor, the money will be used to expand Vend’s list of industry partners which includes PayPal and New Zealand-headquartered accounting software provider Xero. The funds will also be used to recruit more resellers in the United States and Canada.
In addition, Vend has established a North American support office in Toronto, Canada.
The $22 million funding round was co-led by PayPal co-founder Peter Thiel of US-based Valar Ventures and Melbourne-based startup investor Square Peg Capital.
The company's head office is based in Auckland, New Zealand. Vend CEO Vaughan Rowsell said the company currently employs 10 staff at its Melbourne office but plans to grow this to 30 employees by 2015. The company also operates offices in the US and Canada with plans to expand into the United Kingdom and Asia in 2014.
According to Rowsell, 2014 is going to be a “very big year” for the company.
“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,” he said in a statement.
“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.”
In August 2013, Rowsell told Techworld Australia that its POS systems are used by more than 1000 stores in Australia.