Silicon Valley investment firm Accel Partners is pouring US$100 million into New Zealand-headquartered accountancy software firm Xero.
Xero, which has also secured an additional US$10.8 million from existing shareholder Matrix Capital Management, will use the injection of capital to drive growth in the US and UK.
After the transaction, Xero will have a cash balance of around NZ$285 million.
Rod Drury, chief executive of Xero, saud: "We welcome the Accel Funds as strategic investors in Xero, and are delighted with Matrix’s continued support
"Our ability to attract capital and leadership of this caliber is testament to our success and our potential to become the small business SaaS platform of choice for entrepreneurs around the globe."
In its most recent financial report, for the six months to 30 September 2014, Xero had subscription revenue of NZ$52 million in revenue and made a NZ$24.5 million loss.
Other Accel Partners investments have included Facebook, Dropbox, Spotify and Australian software vendor Atlassian.
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