Xero, a New Zealand-based company that creates cloud-based accounting software, has experienced a large growth spurt lately. Earlier this month, it officially launched in the U.S. and today it announced the largest installment of equity funding we’ve seen for a Finovate alum thus far.

The $150 million (NZ $180 million) in funding comes from a range of investors and existing shareholders. When combined with last year’s $49 million from Peter Thiel and Matrix Partners, and other previous rounds, the company’s total funding amounts to $230 million.

In the video below, CEO Rod Drury explains the funding and how it plans to use the cash.

Xero demoed at FinovateSpring 2011 where it debuted its Business Identification product.