Christopher Adams

The Business Herald’s markets and banking reporter.

Vend gets $8m in new money

Vaughan Rowsell, founder and chief executive of computer software company Vend. Photo / Paul Estcourt
Vaughan Rowsell, founder and chief executive of computer software company Vend. Photo / Paul Estcourt

Kiwi software developer Vend says it's secured $8 million in new funding that it will use to invest in its product and expand operations in New Zealand, Australia, the United States and Europe.

The Auckland-based firm's cloud-based technology enables retailers and other businesses to accept payments, track customers, manage inventory, provide loyalty incentives and run business analytics.

In an announcement on its website Vend said its new investors included Craig Winker, who founded accounting software provider MYOB and is also a cornerstone shareholder in Xero, as well as Paul Bassett and Matt Rockman, the co-founders of jobs website seek.com.au.

The Milford Active Growth Fund, managed by Brian Gaynor, had also invested funds, while further capital had also been raised from existing investors in New Zealand and abroad, including Germany's Point Nine Capital, Vend said.

In the announcement Winkler said much of the best innovation in business software was taking place in the move to cloud-based technology.

"Vend is at the forefront of that move, with tools to help literally millions of small and medium retail businesses serve their customers more efficiently," said Winkler. "It's a great investment."

Vend was founded by Vaughan Rowsell in 2010 and thousands of retailers in more than 100 countries are now using its technology in their stores.

The company has 40 staff spread across offices in Auckland, Melbourne and San Francisco and is looking to take on additional employees.

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