Xero, a developer of cloud-based accounting software, said Sunday that it has raised $150M (NZ$180M) in a funding round. The company--which as its U.S. headquarters in San Francisco, but is based in New Zealand, said the funding came from Valar Ventures, Matrix Capital Management, as well as others. The company said the new funds will go towards expansion in the United States. Valar Ventures is backed by Peter Thiel. Xero said the new investors now own 8% of the company. The company competes directly with Intuit in the small business accounting area.