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.