Vend Acquires $25 Million For Its International Expansion Plan.
Vend a cloud-based point of sale started has recently manages to acquire itself nice load of cash.
The quickly growing New Zealand startup has managed to secure itself over $20 million (NZ $25 million) with a new investment, the company announced Wednesday. Vend plan to use its recently acquired funds to expand its reaches internationally, particularly in Europe and the U.S., where they have plans to start opening a office branch sometime shortly.
Over 10,000 stores have been using Vend to manage their sales, inventory, and customers by utilizing this software. Vend guarantee’s its HTML5 POS system work on pretty much any device or platform, these would include iPads and existing POS hardware, even if they are currently not connected to the Web. For those unfamiliar with this, point-of-sale is the place in which a customer will make its payment to a vendor. Much smaller businesses and the ever increasing larger brands are picking for cloud-based systems running on either laptops, tablets, or mobile phones over specialized hardware.
Vend will compete with other POS startups like LightSpeed Retail and Shopigy. Part of what will set Vend apart of its integration with host of partners and resellers, these include paymen processors like Square and PayPal, accounting platforms like Xero, inventory management company Stitch Labs, and retail analytics company Swarm.
Vend has continued to grow at an accelerated rate, especially in the North American market.
“2014 is going to be a very big year for Vend,” said CEO Vaughan Rowsell in a statement. “With the support of Peter Thiel and Square Peg Capital, the additional funding will accelerate our North America, U.K. and Europe plans, allowing us to grow our major market and extend into small and independent retail shops across the continent.”
Peter Theil, cofounder of Paypal had led this funding round, which also had other joining investors such as, Australia’s Square Peg Capital, This recent financing has brought Vend’s total capital up to around $30 million in total.