Vend secures European funding to take kiwi point of sale software to the world
Posted on 10-Aug-2011 11:01.
Filed under: News
Auckland based technology startup Vend has secured a significant injection of capital from a European investment consortium led by Point Nine Capital.
The investment will accelerate the company’s rapid international growth, expansion of the New Zealand based development team and the opening of a San Francisco sales office.
Vend provides a powerful web-based point-of-sale (POS) software that lets retailers process sales, track inventory, and manage customers. The world’s first HTML5 retail POS, it works on any device or platform, including an iPad, or even existing POS hardware.
“Just like Zendesk has revolutionized the customer service industry, Vend wants to bring a revolution to the POS industry and improve the lives of hundreds of thousands of people working in retail,” said Point Nine Capital Managing Partner Christoph Janz, an early investor and advisor at Zendesk and several other successful Software-as-a-Service (SaaS) companies.
“The setup cost to retailers for a traditional POS system can be astronomical, tens of thousands of dollars and weeks of hassle before they’ve even made their first sale,” says Vend Founder & CEO Vaughan Rowsell. “With Vend, retailers can be up and running in minutes, for a low monthly fee. Plus, it’s software they actually love to use.”
One of Vend’s competitive strengths is its seamless integration with other popular web software, such as Xero (accounting) and Shopify & Magento (e-commerce), offering retailers a full suite of low-cost, user friendly tools to manage their business in the cloud.
“Vend's user interface is intuitive, smooth, and speedy. Going with a cloud-based POS has allowed us to scale and access our data from any location and smoothly integrate the e-commerce and retail experience,” says Travis Becker of Mollusk Surf Shops (New York, San Francisco & LA).
Vend now has thousands of users in more than 80 countries, less than a year after it was launched. Customers range from high street fashion chains to young hip boutiques, small family owned stores to franchise networks, and are already processing more than $10M of sales through Vend each month.
The startup was founded by CEO Vaughan Rowsell, and launched in mid-2010, with early investment from Southgate Labs and Trade Me founder Sam Morgan.