Xero announced that it has raised $150 million to fund expansion in the United States and essentially help it compete against its primary rival Intuit and its QuickBooks product.
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The publicly traded Xero, said the funding round was led by Peter Theil-backed Valar Ventures of San Francisco, Matrix Capital Management of Waltham, Mass., and other investors in the U.S. and New Zealand. U.S. investors accounted for $123 million of the investment round.
Xero recently expanded its U.S. headquarters to a 28,000 sq foot space in San Francisco, where it has been since 2011, opened another office in Denver and is working on an official New York office as well.
“This new capital will help us to continue our mission of bringing powerful and accessible financial and billing systems to small businesses and their financial advisors anytime, anywhere,” Xero U.S. President Jamie Sutherland said in a statement.
In addition, last week Xero released its QuickBooks Conversion platform, which is designed to move the QuickBooks financial landscape directly into the Xero platform, including chart of accounts, contacts, inventory items and transaction history such as invoices, payments and more. The company plans to demonstrate the service nationally during an upcoming roadshow, beginning October 21 in Baltimore and spanning 20 cities over the next month.