Vena Secures $242 Million in Series C Funding

Vena, a Canada-based firm specializing in Corporate Performance Management (CPM) software, has successfully completed a Series C funding round, garnering $242 million. The investment was led by Vista Equity Partners.

Vista Equity Partners will acquire a minority ownership position in Vena as a result of this financing. This latest round builds upon a $25 million investment received from CIBC Innovation Banking in September of the previous year.

Funding Details and Company Growth

Vena has now raised over $363 million in total funding since its establishment in 2011. The company opted not to disclose specific financial details or the valuation associated with this new capital infusion.

However, Vena indicated that its consistent expansion, coupled with robust customer retention and high satisfaction levels, generated significant interest during the fundraising process.

Evolution of Vena’s Platform

Initially founded as a B2B provider of planning, budgeting, and forecasting tools, Vena has transformed into a cloud-native corporate performance management platform.

This platform is designed to empower finance, operations, and business leadership to effectively “Plan to Grow” their organizations. Vena serves a diverse clientele across sectors like banking, SaaS, manufacturing, healthcare, insurance, and higher education.

Notable customers include the Kansas City Chiefs, Coca-Cola Consolidated, World Vision International, and ELF Cosmetics, exceeding 900 clients overall.

Strategic Use of Funds

According to Hunter Madeley, Vena’s CEO, the recent funding is primarily intended to accelerate the company’s existing strategies, rather than initiating new ventures.

The capital will be allocated to strengthening go-to-market initiatives and furthering product development. Vena is currently experiencing substantial demand within its existing markets and through its established partner network, and does not plan to immediately expand into new territories.

Geographic Focus

“We will maintain our focus on expanding our presence in North America, the U.K., and Europe in the short term,” Madeley stated.

The Vena Complete Planning Platform

Vena’s platform, known as Complete Planning, is built upon the familiar interface of Microsoft Excel, while maintaining a secure environment.

It integrates people, processes, and systems into a unified solution, enabling organizations to automate and optimize finance-driven processes, expedite complex workflows, and facilitate data-driven planning across departments.

Continued Support from Existing Investors

Early investors JMI Equity and Centana Growth Partners will continue to play an active role, collaborating with Vista to support Vena’s ongoing progress.

Kim Eaton, a Managing Director at Vista Equity, and Marc Teillon, Senior Managing Director and co-head of Vista’s Foundation Fund, will join Vena’s board of directors as part of this investment.

Vista Equity’s Perspective

Eaton commented that the pandemic has underscored the importance of adaptable financial planning processes. He believes Vena is uniquely positioned to assist businesses in navigating the challenges of scaling their operations during and after the pandemic.

Company Growth and Workforce

Currently, Vena employs over 450 individuals across the United States, Canada, and the United Kingdom, representing an increase from 393 employees a year ago.