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Published 15 May 2013 11:36, Updated 21 May 2013 12:23
MYOB founder and technology investor Craig Winkler is one of three Australian entrepreneurs backing NZ software company, Vend. James Davies
Australian entrepreneurs Craig Winkler, Paul Bassat and Matt Rockman have invested a few million dollars in New Zealand-based software company Vend.
Overall, Auckland-based Vend has raised $6.6 million ($NZ8 million) in a new capital raising, with about a third of that from the Australian investors.
The company could not disclose exact amounts but BRW understands there was roughly an even split between Winkler, the founder of MYOB and a former BRW Rich List member, and Square Peg, the venture investment fund headed by SEEK co-founder Paul Bassat. Bassat’s fellow SEEK co-founder Matt Rockman also made a separate investment.
Vend provides cloud-based point-of-sale software for bricks-and-mortar retailers and its customers include 6500 stores in more than 100 countries.
New Zealander Vaughan Rowsell founded the company in late 2010 and raised $NZ3 million between its first two capital rounds in 2011 and 2012. The latest round, its largest so far, will fund product development and the expansion of operations in New Zealand, Australia and the US.
Winkler made about $110 million when he sold his stake in MYOB in 2009 and has since made a few investments in technology startups.
He could make a return to the BRW Rich 200 this year largely because of the growth of his large shareholding in another New Zealand-based cloud provider, accounting software company Xero. He invested $15 million in Xero soon after selling his MYOB stake and, after reducing his shareholding last year, now owns 15.7 per cent of the company.
Wellington-based Xero listed on the Australian Stock Exchange in November 2012, after previously undergoing an initial public offering in New Zealand. Since then, the value of Xero shares have grown from $4.50 to $11.30.