Xero raises $23.2 million
In a previous post about Xero I alluded to the fact that Xero would need to seriously ramp up paying customers to move into profitability. Xero recently announced a paying customer base of 6,000 with an increase of 3,000 over a three month period.
A capital fundraising of NZ $23.2 million is no doubt a means to partly provide a cushion for their current high cash burn rate. It will be interesting to see what growth plans are in store for the remaining funds.
About the Author - Tim Fouracre
I've always been interested in computers and finance. I started out as a PHP developer and later qualified as a Chartered Accountant at KPMG.
Programming and accounting came together when I co-founded Clear Books online accounting software back in July 2008.
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