CIBC finances Vena Solutions with $25 million

Toronto-based Vena Solutions Inc., a provider of cloud-based financial planning and analysis software, has received $25 million in financing from CIBC Innovation. The funding enables Vena to accelerate growth by further expanding product content and market reach.

Vena has established its position as a market leader with more than 800 clients around the world. The company connects existing systems with an Excel interface and 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.

“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, chief financial officer, Vena, said in the release. “Not only do they offer a wide range of services that enable us to maintain our steep upward trajectory, but 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.”