Three founders of online accounting software company Xero have sold almost 2% of their shareholding to new investors.
Rod Drury, Hamish Edwards, and Alistair Grigg sold $5 million worth of shares to a Brad Shofer of Australia, as well as five institutions in the United States and New Zealand.
Mr Shofer joins his MYOB co-founder, Craig Winkler, as one of Xero's top 20 shareholders.
Xero last week raised $20 million in a private placement and share purchase plan for New Zealand-based investors.
The company says it was approached by the other investors after that deal.