New Zealand-based cloud accounting software developer Xero has raised $150 million in a new round of funding aimed at unseating Intuit as the small business accounting software leader.

Contributors included Valar Ventures (backed by PayPal co-founder Peter Thiel), which contributed financing for the fourth time to Xero, along with Matrix Capital Management, which contributed for the second time to the company, and other unidentified U.S. and New Zealand investors. U.S. investors together contributed $123 million of Xero’s new capital to help the company advance its cloud-based accounting system in the U.S. market.

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