UPDATED Xero’s Drury says $180M capital raise ‘sends strong signal’ to competitors

Sun, 13 Oct 2013

Oct. 14 (BusinessDesk) – Rod Drury, founder of Xero, says the cloud-based accounting company $180 million capital raising from key US shareholders sends a strong signal to rivals that there are no constraints on the funds it needs to win global market share. The Wellington-based company sold 9.92 million shares at $18.15 apiece, a 1.1 percent premium to their price last week, to Matrix Capital Management, Peter Thiel-backed Valar Ventures and other US investors. It lifted cash on hand rises to $230 million from the $55 million it disclosed as...

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