Vista Equity Partners leads the round, one of the largest in Canadian tech
Vena, the Complete Planning platform loved by finance and trusted by business, today announced it has raised $300 million in Series C funding. The minority round is one of the largest for a Canadian tech company and is led by Vista Equity Partners (“Vista”), a leading global investment firm that exclusively invests in enterprise software, data and technology-enabled businesses. Vena will use the funds to accelerate growth and continue to provide a market-leading customer experience.
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Vena is a cloud-native platform that leverages the familiarity and flexibility of an Excel interface within the Vena Growth Engine—the technology and methodology businesses use to streamline finance processes, connect teams, drive decision making and plan with confidence for today and tomorrow. With this round, Vena has raised over $450 million, positioning the company as the corporate performance management (CPM) platform of choice for finance and operations professionals and validating Vena’s mission to power its customers’ Plan to Grow™.
“This significant investment is a clear endorsement of the value we are providing to our customers and Vena’s position in our market,” said Vena CEO Hunter Madeley. “All organizations need to build agility and resilience into their planning and operating processes and we are excited to scale our business to meet that demand. We are also excited to partner with the team at Vista whose extensive enterprise software operational experience will help Vena continue to invest in our customers and culture as we grow together.”
JMI Equity and Centana Growth Partners, early investors in Vena, will remain active, partnering with Vista to help support Vena’s continued momentum. As part of the raise, Vena welcomes two new members to its board of directors from Vista—Kim Eaton, Managing Director and Marc Teillon, Senior Managing Director and Co-Head of Vista’s Foundation Fund.
“The pandemic has emphasized the need for agile financial planning processes as companies respond to quickly-changing market conditions, and Vena is uniquely positioned to help businesses address the challenges required to scale their processes through this pandemic and beyond,” said Eaton. “We look forward to partnering with the Vena team in its next stage of growth as they continue to expand Vena’s platform to new customers and markets.”
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Teillon added “We were impressed with not only the work and commitment of the Vena team, but also their values and culture which will be an important part of their continued success. Together, we are excited to advance Vena’s market leadership as the platform of choice in the CPM space.”
Today’s funding announcement caps off a strong year for Vena. The company has continued to be recognized by the wider industry, named a Customers’ Choice in the 2021 Gartner Peer Insights ‘Voice of the Customer’: Cloud Financial Planning & Analysis Solutions report. It also received accolades for Best Feature Set and Best Customer Support from TrustRadius and numerous awards from G2 and BPM Partners, including Best Usability, Ease of Use and more. Vena was also the recipient of 2020 Comparably Awards for Best Company Culture, Best Companies for Women, Best Outlook and Best Companies for Diversity.
McCarthy Tétrault LLP served as legal advisor to Vena. Evercore served as financial advisor to Vista and Kirkland and Ellis LLP and Stikeman Elliott LLP provided legal counsel.