Xero
(ASX:XRO) has raised $NZ180 million selling shares to Matrix Capital Management, Valar Ventures and other US investors to ensure it can keep bankrolling its expansion.
The cloud-based accounting company sold 9.9 million shares at $NZ18.15 apiece, a 1.1 per cent premium to their price last week before being halted for the capital raising.
The new funds more than quadruple the cash buffer Xero has to fund sales growth as it chases 1 million customers, almost five times its current customer base.
Shares in the company have more than doubled this year.
Cash on hand rose to $NZ230 million from the $NZ55 million it disclosed as at September 30.
