Financial SoftwareVena Receives US$25M Financing from CIBC Innovation Banking

BusinessWire BusinessWireSeptember 3, 20203 min

CIBC Innovation Banking is pleased to announce a growth capital financing for 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.”

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