Vena Solutions Raises $115 Million to Scale Financial Planning and Analysis

January 10, 2019

It’s 10 days into 2019, and a Canadian company has already raised a nine-figure funding round.

Vena Solutions has announced a new $115 million equity financing round led by JMI Equity. Centana Growth Partners also returned to join the round, as they were the firm that led Vena’s $30 million round in 2016. This new round shows Canadian tech is off to a hot start for 2019—the $115 million total would have placed this raise firmly in the top five biggest funding rounds of 2018.

The new equity will go towards accelerating their current pace of growth and scaling operations to better meet the needs of Vena’s global customer base.

“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 Solutions Toronto Office Killer Spaces-19 — Vena Solutions’ downtown Toronto office.

Financial planning and analysis (FP&A) is a growing market that Vena has been able to conquer since being founded in 2011. Clients can use Vena’s platform to access all the information they need to execute at a quicker pace and make better decisions regarding budgeting, forecasting and business planning. The Toronto-based company can combine Excel with a database as well as a streamlined workflow and advanced analytics to drive better plans for medium and large businesses.

“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.”

Vena has experienced triple-digit growth right from the get-go and quickly became one of Canada’s most successful tech startups.

“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,” said Mal.