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New Zealand-based Xero Limited, which sells cloud-based accounting and bookkeeping software, says it has raised a sizable $110 million funding round, led by Accel Partners.

Accel put in $100 million of the total, while existing investor Matrix Partners put in the other $10.8 million.

With the investment, Accel Partners will own approximately 4.9 percent of Xero.

The company says it will use the new funds to recruit new talent and grow out its cloud platform. It also wants to amp up growth in U.S. and U.K. markets.

The new investments are expected to close in mid-March, the companies say.

Xero’s cloud-based software is aimed at small businesses. The company has more than 400,000 customers in 180 countries, and more than 1,100 employees.

Xero is listed on both the New Zealand Stock Exchange and the Australian Stock Exchange.

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