Toronto-based Vena Solutions, which provides cloud-based corporate performance management (CPM) software, has raised $30 million in funding.
The round was led by Centana Growth Partners, a firm with offices in New York and Silicon Valley that invests in sustainable, high growth firms serving the FinTech ecosystem. The Vena Solutions platform allows companies to automate their finance, accounting, and business processes by turning Excel into a centralized database.
“We’ve accomplished more in five years than our competitors in a decade,” said Don Mal, CEO of Vena Solutions. “Having just wrapped up our largest sales quarter to date, we’re well on our way to meeting our growth plans for 2016.”
Vena plans to use the funding for product development, partnerships, professional services, sales and marketing; expanding its team across its global offices; and building on its five-year track record of more than 100 percent yearly growth in global customers and annual recurring revenue.
“Our bread and butter has traditionally been automating budgeting, planning and forecasting processes, but the long term opportunities for Vena are immense,” said Mal. “Just think of the vital role spreadsheets continue to play in virtually every department, company and industry today.”