CIBC Innovation Banking provided a $25 million growth capital financing for Toronto-based Vena Solutions, 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 and Centana Growth Partners, Vena connects existing systems with an Excel interface and integrated planning capabilities. The platform was designed to streamline finance-led processes, including budgeting, forecasting, scenario analysis, reporting and financial consolidation.
“Vena provides a dynamic software solution that is easily adoptable, enables businesses to plan more effectively and grow with greater agility,” Amy Olah, executive director in CIBC Innovation Banking’s Toronto office, said. “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,” Darrell Cox, CFO of Vena Solutions, said. “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.”
