Early Funding Path
Angel → VC
First Customers
Independent retailers
Founded (Year)
2010
Key Tactics
Early international fundraising
Type
Point‑of‑sale / Fintech
Vertical
B2B SaaS
Website
Vend was founded by Vaughan Fergusson, who bootstrapped the point-of-sale (POS) startup with personal savings and favours. Early angel backing from Sam Morgan and Rowan Simpson kept the lights on, and later seed capital from Berlin-based Point Nine Capital enabled international expansion.
Early customers were cafés and independent retailers who trialled the cloud POS during its beta. A broader launch drew strong uptake from retailers in multiple countries.
Startup Rollercoaster: Vend
The Spark – Cloud POS for Retailers
- In 2010, Vaughan Fergusson spotted that POS software was antiquated.
- Inspired by Xero’s SaaS success, he decided to build a cloud-based POS for retailers.
- He self-funded development while still employed, winning a handful of beta customers.
The Peak – First Traction
- A public launch attracted early adoption from retailers beyond New Zealand.
- The ease of use and cloud delivery drew media attention and accelerated signups.
The Drop – Capital Scarcity
- Funding was tough: investors were sceptical about a POS startup from New Zealand.
- Fergusson stretched personal savings and early angel support while the team pushed forward.
The Reset – Angel Belief
- The turning point came with angel investment from Sam Morgan and Rowan Simpson.
- This capital and support provided stability and allowed the company to hire and scale product development.
The Discipline – Product & Retail Focus
- The team concentrated on reliability and customer support.
- Refined pricing and focused on independent retailers who valued simple, cloud-delivered POS.
- Building a SaaS platform meant constant attention to infrastructure, billing and integrations.
The Climb – Global Expansion
- With credibility established, Vend raised further capital from German investors (Point Nine Capital).
- Expanded internationally, laying the foundation for larger growth rounds.
- By 2021, Vend had grown to serve thousands of retailers worldwide before being acquired by Lightspeed for ~NZ$455 million.
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