This week, as we celebrate Global Entrepreneurship Week, it’s the perfect time to give a shout out to our ecosystem partners. Not only are they entrepreneurs in their own right, but their investment in innovation for small businesses helps unlock the productivity and growth of our shared customers too.
Fostering a community of entrepreneurs
Entrepreneurship starts with a great idea, but successful execution also needs innovative product, happy customers, a great team, and access to capital. Integrating with Xero is one way to accelerate growth by connecting our app partners to a channel to market of over one million subscribers, 100,000+ accountants and bookkeepers globally.
But more than that, joining our ecosystem of 600+ app partners also opens up a community of other entrepreneurs, startup experts, and potential investors. At Xero we put a focus on creating opportunities for our partners to network, learn from and do business with each other.
Over the years, some amazing growth stories have emerged from this community. In 2017 alone our ecosystem partners have raised over $US100m from investors around the globe.
Tapping into the growth engine
One of the biggest deals this year came from our UK-based app partner Receipt Bank, who raised $US50 million in a Series B funding round earlier this year, led by Insight Venture Partners. Launching in 2010, Receipt Bank now has offices on three continents and an annual growth of over 100 percent.
“This investment will allow us to keep innovating, so we can equip accountants and bookkeepers with the software they need to succeed,” said Receipt Bank’s Co-founder and Director, Michael Wood.
So what has helped Receipt Bank become the fast-growth innovation engine it is today? Michael says one of the key factors has been the Xero ecosystem.
“As well as putting us in front of a global community, it’s Xero’s pioneering open API that has been the biggest game-changer – for us and many other businesses around the world,” Michael said.
Timely, a New Zealand-based scheduling software app developed specifically for a salon, spa, gym and personal trainers, is also another one of partners who have experienced rocketship growth. The company recently landed NZ$7 million of investment, from New Zealand technology investment company MOVAC. It was also ranked 15th in Deloitte’s Fast 50, with a revenue growth of 379 percent.
“I’ve never created an investor pitch deck. We’d rather focus that energy on our customers; building product and partnerships. Then showing that those things add value for customers. Most investors don’t actually want to see a shiny pitch deck, they want to see that you deliver for your customers. Our integration and relationship with Xero is one of the ways we demonstrate that,” said Ryan Baker, Timely’s Co-Founder and CEO.
Congratulations to our partners who have received new growth rounds
Other ecosystem partners we want to give a shout out to, who have raised new growth rounds in 2017 include:
- Deputy raised $25 million in a series A round. It’s the first external funding in its eight-year history.
- GoCardless announced $22.5 million in new funding from existing investors earlier this year.
- Unleashed also secured NZ$7 million with MOVAC to accelerate its growth.
- Practice Ignition raised $5 million of funding.
- Hubdoc raised $4.85 million to scale and accelerate growth.
For more on how ecosystems enable entrepreneurship to flourish, read this article I wrote for Idealog.
And if you’d like to start your partnership journey with Xero, visit developer.xero.com/partner
Note: All figures in USD unless specified.