Auckland-based point-of-sale company Vend scored a NZ$13 million ($9 million) Series D investment Thursday led by Movac, Square Peg Capital, and Jasmine Investments. The money will go toward product development and expansion.
They last raised $12.1 million in Series C funding in July 2015, preceded by a $20 million Series B led by Valar Ventures according to Crunchbase. 18,000 stores in 140 countries use the company’s software.
“Right now we’re just focused on building a really big and successful business, that’s what this raise will allow us to continue to do,” CEO Alex Fala told NBR Radio.
The company produces point-of-sale (POS) systems for stores (cash registers) and competes with a number of startups around the world for business. Lightspeed, ShopKeep, and Shopify are just a few.
“Square Peg Capital is delighted to grow its investment in Vend. Through 2016 we’ve seen the company continue to build a great team and deliver on growth and key metrics that drive long-term value,” Vend’s Chairman of the Board and Square Peg Capital Co-Founder Barry Brott said in a press release. “Vend is a quality company, with a massive global opportunity and the disciplined financial management necessary to capture it. Increasing our investment reflects that quality.”
Movac’s Mark Stuart will join the board.
“We’re excited to make Vend the first investment from Movac Fund 4. We’re looking for companies that have a strong team in place to grow the business, and the ambition and ability to scale to $100 million-plus in revenue. Vend ticks all the boxes, and has a truly industry-leading product. We’re looking forward to being part of their continued international success,” says Mark Stuart, Partner, Movac.
Vend was founded in 2009 by Vaughan Rowsell. The company has 200 staff in the US, UK, Canada, Australia, and of course New Zealand.