Two of Xero’s most popular add-on programs have raised millions of dollars through public and private raisings to fund global expansion.
Mobile workforce management app GeoOP this morning listed on the New Zealand Alternative Market at NZ$1 a share and swelled the coffers by NZ$10 million. Earlier this week it said the offer had been oversubscribed. LINK
“Our users have grown from 1,600 in January 2013 to 4,500 in September 2013. Our customers are truly global, with just over 55 per cent of our market in Australia, followed by 17 per cent in Northern America,” said CEO Leanne Graham in a press release.
GeoOP has opened offices in Melbourne and Sydney in addition to its New Zealand headquarters, and has staff in the UK and the US. The extra cash would fund sales and marketing operations in Australia and the US.
Inventory management app Unleashed Software continued to draw on private investors for another NZ$4 million. The round was led by local investment fund Milford Asset Managements’ Active Growth Fund and the Milford KiwiSaver Active Growth Fund.
While Xero has lacked an inventory function, Unleashed was a more specialised inventory system that provided a real-time view of stock across multiple warehouses. “Unleashed provides an innovative, specialised, inventory management software system that adds to the strength and usability of cloud applications, such as Xero,” said analyst Brooke Bone in the press release.
Unleashed has already raised money from two other prominent investment funds owned by prominent New Zealand businessmen Sir David Levene and Sir Stephen Tindall.
Unleashed recently opened offices in Melbourne and Sydney to service a growing Australian customer base and was looking to establish itself in the US.