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Xero Raises $16.6 Million to Fuel Growth in U.S. Market

Peter Thiel Increases Investment to Help Cloud-Based Accounting Software Provider Take On Large U.S. Rivals

SAN FRANCISCO, CA -- (Marketwire) -- 02/03/12 -- Xero online accounting software for small businesses has secured $16.6m funding from existing investors to accelerate growth in the United States. The company recently appointed accounting industry veteran, Jamie Sutherland, as President of US Operations and doubled its U.S. team.

Prominent technology investor and Silicon Valley authority Peter Thiel participated in the round through his New Zealand focused venture fund, Valar Ventures, marking his second investment in Xero. The former PayPal founder and Facebook's first external investor commented: "Xero transforms the way small businesses handle their accounting. Where conventional accounting software is cluttered, slow, and anchored to a desktop, Xero's cloud-based services and intuitive design simplify an impressive suite of financial tasks. We're excited to see Xero grow throughout the U.S."

"The U.S. opportunity for Xero is tremendous. Small businesses and accountants are looking for new solutions to drive growth and are adopting cloud services in record numbers. This funding strengthens our U.S. efforts and will help us build on the strong momentum we have in the market," said Xero President of US Operations, Jamie Sutherland.

Additional investors include: Sam Morgan, independent Xero director board member of Fairfax Media, and Craig Winkler, the former co-founder of MYOB.

About Xero
Xero is beautiful, easy to use 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.