Xero has attracted a $26.4 million investment from U.S.-based venture capital firm Technology Crossover Ventures.

The investment was made in New Zealand, where Xero is headquartered. According to a filing with the New Zealand Stock Exchange, TCV bought its shares from Matrix Partners, another U.S.-based investment firm, which reduced its stake in Xero from 9.8 to 8.5 percent (making TCV’s share 1.3 percent).

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