22 Oct 2010

Paypal co-founder invests in NZ software firm

6:55 pm on 22 October 2010

A Silicon Valley heavyweight is investing $4 million in New Zealand-based online accounting software company Xero.

The co-founder of Paypal, Peter Thiel, who was also one of the first investors in Facebook, will join Xero's advisory board to help the company expand into the United States.

Xero chief executive Rod Drury says Mr Thiel's investment is a vote of confidence in the company, and his expertise will help it to boost its presence in the US market.

Shares in Xero were up 9 cents to $1.58 by the close of trade on Friday.