Vena Solutions raises $115 million to scale globally

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Vena Solutions has completed a $115 million round of equity financing. This growth comes at an important time for the company, which provides online, Excel-based financial planning and analytics software. Vena's goal is to reach the valuation of competitors Adaptive Insights and Anaplan, both of which hit billion-dollar valuations last year.

Software-focused growth equity firm JMI Equity led the financing round and was joined by existing investor Centana Growth Partners, who led Vena’s $30 million financing in 2016. According to a statement from Vena Solutions, the company will use the funds to accelerate its growth and scale its operations globally.

“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,” stated Don Mal, founder of Vena Solutions, who was reinstated as CEO last year. “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.”

“JMI invests in companies with proven business models and clear potential for accelerated growth; on all counts, Vena hit the mark,” added Peter Arrowsmith, general partner at JMI Equity, in a statement. “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.”

JMI has been financing growth software businesses for more than 25 years; since 1992, the firm has completed over 140 investments, more than 90 exits and 19 IPOs, which makes it a strategic partner for Vena Solutions to reach its goals.

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