Earlier this month, online accounting software Xero announced a $16.6 million round of financing, funded partially by Peter Thiel’s Valar Ventures. This is not this first time the famed investor has funded Xero.

TechCrunch reports:

“Thiel first invested $3 million in New Zealand-founded Xero back in 2010, with the aim of fueling expansion in the United States. The company says that’s also the reason for the latest round.”

MYOB co-founder Craig Winkler and Sam Morgan also participated in the round.

To learn more about Xero, watch its FinovateSpring 2011 demo.