Online point-of-sale startup Vend has secured $20 million (A$21.88 million) in a funding round for its expansion. PayPal founder Peter Thiel was one of the investors in the said round, according to The Australian.
Thiel's Valar Ventures and Australian firm Square Peg Capital were the lead investors in the latest financing, the report added.
Vend chief executive officer (CEO) Vaughan Rowsell said of the investment: "2014 is going to be a very big year for Vend. With the support of Peter Thiel and Square Peg Capital, the additional funding will accelerate our North American plans, allowing us to grow our major market and extend into small and independent retail shops across the continent."
Founded in 2010, the Auckland-based startup sells cloud-based software for sales, inventory, and customer management of merchants. This software works on various gadgets including iPads. PayPal, Xero, Swarm, SelfPay, and Stitchlabs are counted among Vend's international partners, The Australian reported.
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