Financial planning startup Vena claims it has attained “centaur status” by reaching $100 million USD in annual recurring revenue (ARR).
The term “centaur” was first coined by Bessemer Venture Partners to recognize private SaaS companies that reach the nine-figure revenue milestone. In its 2023 State of the Cloud report, Bessemer described centaurs as “an elite subset of the growing unicorn herd.”
“This achievement reflects the deep and abiding commitment of our employees as we build a culture and company focused on helping our customers plan to grow,” Hunter Madeley, CEO of Vena, said in a statement. “We still have so much more to do, but it’s nice to take a beat and celebrate this latest milestone together.”
Vena, founded in 2011, provides cloud-based financial planning and accounting solutions to medium and large-sized companies. Its technology aids in the management of budgeting, forecasting, and business planning. The startup currently has more than 1,700 customers, according to its website, including Coca Cola and Deloitte.
Bessemer’s 2023 State of the Cloud report identified 35 centaurs, with Vancouver-based Clio being a new addition in 2022. In its report, Bessemer said centaurs do not just have nine figures in revenue, but also product-market fit, a scalable go-to-market strategy, and a growing customer base.
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Tech valuations have fallen dramatically since 2021, leading many founders to renew their focus on business fundamentals and profitability. When Clio attained centaur status, its founder and CEO Jack Newton claimed that in the current tech economy, achieving centaur status “signals much more” than a lofty valuation.
A 2022 report from TechCrunch on centaurs noted that as a face-value metric, ARR can overstate revenues by annualizing annual contract values and crediting the business with annual customer retention, but still described $100 million in ARR as the “north star” for entrepreneurs.
Vena has raised significant venture financing during its run, most recently securing $300 million CAD in Series C funding from Vista Equity Partners in 2021. The following year, the firm was embroiled in a dispute with a customer who alleged Vena misrepresented its System and Organization Controls compliance, which according to one source, led to a loss in customers for Vena.
In its statement, Vena said it is now seeing “strong, predictable growth,” with Madeley noting that tracking ARR each quarter keeps the firm “grounded.”
