Vena Solutions, a Toronto-based provider of cloud financial planning and analysis software, has secured $115 million in its latest financing.
The round was led by U.S. software growth equity firm JMI Equity. It was joined by Centana Growth Partners, which led the company’s $30 million financing in 2016.
Vena’s other backers include Difference Capital Financial and Klass Capital.
Founded in 2011 by CEO Don Mal, Chief Solutions Architect Rishi Grover and CTO George Papayiannis, Vena helps some 600 medium and large-sized companies manage their budgeting, forecasting and business planning.
The funds raised will be used to accelerate Vena’s growth and scale its operations.
Vena Solutions Raises $115 Million to Scale FP&A Software Business to Thousands of Customers
JMI Equity leads growth capital investment, joined by existing Vena investor Centana Growth Partners
TORONTO, Jan. 09, 2019 (GLOBE NEWSWIRE) — Vena Solutions, one of the fastest growing providers of cloud-based financial planning and analysis (FP&A) software, is proud to announce it has raised $115 million in equity financing.
Software-focused growth equity firm JMI Equity led the round, and was joined by existing investor Centana Growth Partners who led Vena’s $30 million financing in 2016. Vena will use the investment proceeds to accelerate its industry-leading growth and scale its operations to meet the financial and business planning needs of thousands of customers worldwide.
“Vena has proven its value to hundreds of satisfied customers with software that’s easy to use, quick to adopt and instrumental for making timely, informed business decisions,” said Don Mal, CEO at Vena Solutions. “Today Vena joins a small number of Canadian tech firms with the people, product and global potential to attract an investment north of $100 million.”
Vena is the recognized market leader in customer satisfaction and easy-to-use FP&A software, giving customers the information they need for better, faster planning and decision making. JMI has a more than 25-year track record financing and helping growth software businesses become industry leaders, including Eloqua, PointClickCare, ServiceNow, and Workfront. Since 1992, JMI has completed over 140 investments, more than 90 exits and 19 IPOs.
“JMI invests in companies with proven business models and clear potential for accelerated growth; on all counts, Vena hit the mark,” said Peter Arrowsmith, general partner at JMI Equity. “Vena’s customers aren’t just satisfied – they’re passionate about the company’s software and its solution to multiple pain points in finance today. We look forward to working with the Vena team to capitalize on the company’s numerous growth opportunities.”
“Centana first invested in Vena largely because of its unique product vision – a financial analytics platform that’s both powerful and easy for anyone in business to use, whether for finance, regulatory compliance, or other business purposes,” said Eric Byunn, partner at Centana Growth Partners. “Today we’re proud to be doubling down on Vena after seeing how valuable that vision has proven to be. With more customers, recognized market leadership and an even stronger team, Vena is poised to become a household name in business software.”
“We already know how to win in this market. Our next step is to scale up and lead the industry with even greater growth, and JMI is the perfect new partner to help us get there,” added Mal.
SurePath Capital Partners served as exclusive financial advisor to Vena for this round of funding.
About Vena Solutions
Vena Solutions redefines how medium and large-sized companies manage their budgeting, forecasting and business planning. Vena provides a cloud-based financial planning and analysis (FP&A) solution that combines Excel with a centralized database, sophisticated workflow, powerful reporting and advanced analytics. Over 500 of the world’s best companies use Vena to get trusted insights that drive faster, smarter business decisions. Vena is one of the fastest growing companies in its sector and recognized leader in customer satisfaction and product usability. Visit us at www.venasolutions.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 140 businesses in its target markets, successfully completed over 90 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit www.jmi.com.
About Centana Growth Partners
Centana is a unique growth equity firm that invests in the future of financial services. We partner with firms across the entire financial ecosystem, from institutions to fintech disruptors. Centana connects our portfolio companies to a catalyzing community that can help accelerate business growth. With offices in Palo Alto and New York, the Centana team taps into decades of financial services expertise and insight to find partner firms that bring real value and innovation into the industry. For more information visit www.centanagrowth.com.
Michael Corcoran | Vena Solutions
(416) 529-5709 | firstname.lastname@example.org
Chuck Dohrenwend or William Braun | Abernathy MacGregor for JMI
(212) 371-5999 | email@example.com or firstname.lastname@example.org
Adrienne Kim | Vested for Centana Growth Partners
(917) 765-8720 | email@example.com