Vena Solutions, a cloud-based corporate performance management (CPM) software provider, has secured about $30 million in financing. U.S. growth equity firm Centana Growth Partners led the round, which builds on prior investments by Difference Capital and Klass Capital. Founded in 2011, Toronto-based Vena has created a CPM solution for a wide range of spreadsheet-driven finance and accounting processes. In the past five years, it has seen over 100 percent growth in customers and annual recurring revenue, the company reported. Vena plans to use the funds raised to invest in new hires, product development, sales and marketing, and other priorities.
Vena Solutions Raises $30 Million to Continue Record Growth in Corporate Performance Management
Centana Growth Partners leads latest round of funding to sustain Vena’s triple digit growth rate
TORONTO, ON (PRWEB) JULY 25, 2016
Vena Solutions, the fastest growing provider of cloud-based corporate performance management (CPM) software, is proud to announce it has raised approximately $30 million in funding led by Centana Growth Partners.
Vena is an award-winning company – recognized for its rapid growth and consistent leadership in customer satisfaction – that turns Excel into an enterprise-class platform to automate financial and other spreadsheet-driven processes across organizations. Centana is a growth equity firm based in Silicon Valley and New York that invests in sustainable, high growth firms serving the financial services ecosystem.
“We’ve accomplished more in five years than our competitors took a decade or more to do,” said Don Mal, CEO of Vena Solutions. “Having just wrapped up our largest sales quarter to date, we’re well on our way to meeting our growth plans for 2016.”
“Vena fits squarely into our sweet spot for investments, combining an impressive track record of rapid customer growth – including many financial institutions and other enterprises – with solid, sustainable growth opportunities,” said Eric Byunn, Partner at Centana Growth Partners. “What’s more, we believe they have just scratched the surface by automating not just financial, accounting and regulatory reporting functions, but any spreadsheet-driven process across enterprise organizations.”
Vena will use the proceeds of this round to accelerate its industry leading growth rate, including:
Building on a five-year track record of more than 100% yearly growth in global customers and annual recurring revenue (ARR);
Investing general operating capital in product development, partnerships, professional services, sales and marketing, and more;
Significantly expanding its team across its worldwide offices – already spanning four continents.
“Our bread and butter has traditionally been automating budgeting, planning and forecasting processes, but the long term opportunities for Vena are immense,” said Mal. “Just think of the vital role spreadsheets continue to play in virtually every department, company and industry today.”
KPMG Corporate Finance served as exclusive financial advisor to Vena for this round of funding.
About Vena Solutions (http://www.venasolutions.com)
Vena turns Excel into an enterprise-class business solution with a centralized database, workflow, detailed audit trail and more. With Vena, hundreds of leading global brands now get trusted numbers and insights – fast – without sacrificing the investments they’ve made in Excel templates, models and reports. Our customers use Vena for corporate performance management (CPM) applications including budgeting, financial close management, reporting, and automating other spreadsheet driven processes across and beyond finance. Vena is the fastest growing cloud CPM vendor to embrace – not replace – Excel spreadsheets.
About Centana Growth Partners (http://www.centanagrowth.com)
Centana Growth Partners is a growth equity firm that provides capital to rapidly growing companies in the financial services ecosystem, including businesses which operate in the financial services, financial technology and related enterprise technology areas, in order to accelerate or sustain their growth. Centana’s principals have decades of experience working with successful companies in these sectors, as well as a strategic network ideal for helping companies seeking to sell into the financial services ecosystem. Centana Growth Partners has offices in New York and Menlo Park.
Media Contact: Michael Corcoran | (416) 529-5709 | mcorcoran(at)venasolutions(dot)com
Photo courtesy of Vena Solutions