Vena Solutions Secures USD 25M from CIBC Innovation Banking-led Growth Capital Financing Round

By StartUp City | Monday, September 28, 2020

The funding allows Vena to accelerate growth by further expanding product content and market reach.

FREMONT, CA: Vena Solutions, a Toronto, Canada-based provider of cloud-based financial planning and analysis software, raised $25m in growth capital financing. CIBC Innovation Banking provided the funding. The funding will enable Vena to accelerate growth by further expanding product content and market reach.

Backed by JMI Equity, Vena has founded its position as a market leader with over 800 clients around the world. Vena connects existing systems with an Excel interface and integrated planning capabilities to help clients manage as well as grow their businesses. The platform streamlines key finance-led processes, including budgeting, forecasting, financial consolidation, scenario analysis, reporting, and more.

“Vena provides a dynamic software solution that is easily adoptable, enables businesses to plan more effectively and grow with greater agility,” stated Amy Olah, Executive Director in CIBC Innovation Banking’s Toronto office. “The software streamlines workflows, drives informed decision making and most importantly, saves time.”

“As a growth stage software company, CIBC Innovation Banking is just the team we need to propel our growth forward into the future,” added Vena Solutions’ Chief Financial Officer, Darrell Cox. “Not only do they offer a wide range of services that enable us to maintain our steep upward trajectory, they also really understand our space. We look forward to working with CIBC Innovation Banking as we take the next step in our journey and beyond.”

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