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Wellington, NZ cloud accounting platform Xero has secured $26.4m in Post-IPO equity from TCV. Xero is a suite of online accounting software for small businesses, accountants, and bookkeepers. It enables its users to track and manage cash flow processes, invoicing, payments, reporting, and pay runs.
Xero chief operating and financial officer Sankar Narayan said that it’s “routine” that early-stage investors “rebalance” their portfolios. “We’re thrilled to receive strong support from new investors who are ready to join Xero for its next phase of growth,” he said. Business Insider reached out to TCV, but the firm declined to comment. The move comes just days after Donald Trump’s transition team member and tech billionaire Peter Thiel sold $23 million of his Xero shares, bringing his stake to below the reporting threshold of 5%. Last September, TCV and Google Capital led a $555 million funding round for Airbnb, while other household names like Facebook, Spotify and Vice Media have benefited from its support in the past.
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