4 Dec 2012

Xero shares rise on funding announcement

7:11 am on 4 December 2012

Shares in Xero have jumped after the company announced it had raised $60 million of new capital.

The online accountancy software firm announced on Friday that it had secured the funding from Peter Thiel's Valar Ventures and Matrix Capital Management.

Since the announcement the company's shares rose 18% to close on Monday at $7.70.

The company's weighting in the NZX50 now ranks behind Vector at number 22, up from 26 on Friday.