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Xero Raises $150M for U.S. Attack

xero Investors from the United States kicked in a majority of the money as New Zealand-based Xero said it had raised $150 million in new funding. Contributors in this country chipped in $123 million of the total, which is aimed at expanding the online accounting software company's efforts here.

Backers include Valar Ventures and Matrix Capital Management and other U.S. investors. The announcement was marked by the increasing aggressiveness that Xero has shown towards industry leader Intuit in the last two weeks.

In a prepared statement, a Xero spokesperson described Intuit as one of several industry giants experiencing disappointing earnings. "Intuit itself is finding that once you fall behind, it’s hard to catch up," the statement continued. In announcing a QuickBooks conversion services earlier this month, Xero sent out a press release under the title "Xero announces nail in the coffin conversion service."

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