Enterprise cloud financial planning software firm Vena Solutions Inc. announced last month that it raised $115 million in its latest funding round. The Series D round was led by software-focused JMI Equity with the participation of current investor Centana Growth Partners. The company plans to use the proceeds to accelerate its growth even further and increase the scale of its operations.
Vena Solutions was founded in 2011 and offers its clients cloud-based financial analysis and financial planning software that combines Excel functionality with a centralized database to provide advanced reporting, workflow and analytics tools. According to Vena Solutions’ description of its product offerings, its customers are not forced to choose between an inflexible packaged software application and a spreadsheet environment without any controls or parameters; instead, the company’s planning software combines the two to allow for more sophisticated and streamlined accounting and finance businesses processes.
In particular, Vena Solutions’ platform aims to automate budgeting, forecasting and planning functionalities as well as providing operational planning, management reporting and analysis, and other key businesses processes that rely heavily on spreadsheet capabilities.
The company targets its product offerings at mid- to large-sized enterprises. Vena Solutions does not publicize its full client roster, but states that it currently has over 500 customers including Nike, Marks & Spencer Group, Nutanix, Docker, Ocean Spray Cranberries, and White Castle System Inc.
In speaking about his firm’s investment, JMI Equity’s general partner Peter Arrowsmith noted that his firm “invests in companies with proven business models and clear potential for accelerated growth; on all counts, Vena hit the mark.” Eric Byunn, partner at Centana Growth Partners, echoed this sentiment: “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. Today we’re proud to be doubling down on Vena after seeing how valuable that vision has proven to be.”
With the completion of this latest round of financing, Vena Solutions has raised a total of $148 million. Centana Growth Partners led the company’s $30 million financing round in 2016.