CIBC Innovation Banking has provided $25 million in growth capital financing to Toronto-based Vena Solutions Inc. (“Vena”), a provider of cloud-based financial planning and analysis software. The funding enables Vena to accelerate growth by further expanding product content and market reach.
Backed by JMI Equity, Vena has established its position as a market leader with more than 800 clients around the world. Vena connects existing systems with an Excel interface and powerful integrated planning capabilities to help clients effectively manage and grow their businesses. The platform streamlines key finance-led processes, including budgeting, forecasting, scenario analysis, reporting, financial consolidation and more.
“Vena provides a dynamic software solution that is easily adoptable, enables businesses to plan more effectively and grow with greater agility,” said 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,” said 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.”
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
Vena connects people, existing systems and data to power finance-led business planning and real-time reporting. Our Excel interface combines unmatched integrated planning capabilities with the world’s leading spreadsheet platform so cross-functional teams can work together under a shared vision. Vena gives you ease of use, flexibility, performance and scalability on a connected platform. Integrate data in real time and perform finance-led planning processes, such as budget orchestration, agile forecasting, scenario modeling, reporting and analytics, financial consolidation and more with ease. Over 800 of the world’s smartest companies map out their growth journeys with Vena. For more information, visit: www.venasolutions.com