Xero Raises $49M in Equity Financing

New Zealand software company Xero, which makes online accounting software for small businesses, has closed on $49 million in new funding. Existing investors Valar Ventures and Matrix Capital Management invested $49 million, and also purchased $18 million in additional shares from Xero's three largest shareholders. Of the $67 million total, Matrix Capital Management is investing $47 million and Valar Ventures $20 million, the firms said in a statement. Xero has U.S. offices in San Francisco.

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