Vend, a New Zealand-based point-of-sale software startup, has raised USD6.5m in its third round of funding. Investment came from a combination of Australian and international angel investors, as well asMilford Funds and existing backer Point Nine Capital. The round brings the company’s total funding to USD10m.
Founded in 2010, Vend’s HTML5 retail software is cloud based, allowing retailers to process sales, track inventory and manage customers. Integrating with companies’ existing hardware, Vend claims its service works across any devices or platform and last year partnered with PayPal to allow consumers to use the payment service in stores. The startup says it has 6,500 stores across 100 countries using its service. Competing with point-of-sale service Square, Vend says it will use the funding to expand the reach of its operations and develop products.
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