Cloud-based financial planning and analysis software developer Vena Solutions has picked up $115m of equity financing led by JMI Equity.
Centana Growth Partners also took part in the round, following it leading Vena’s $30m financing round from 2016.
Vena specialises in customer satisfaction and easy-to-use FP&A software, aiming to give customers the information they need for better, faster planning and decision making.
JMI general partner Peter Arrowsmith said, “JMI invests in companies with proven business models and clear potential for accelerated growth; on all counts, Vena hit the mark.
“Vena’s customers aren’t just satisfied – they’re passionate about the company’s software and its solution to multiple pain points in finance today.”
Centana partner Eric Byunn added, “Centana first invested in Vena largely because of its unique product vision – a financial analytics platform that’s both powerful and easy for anyone in business to use, whether for finance, regulatory compliance, or other business purposes.
“Today we’re proud to be doubling down on Vena after seeing how valuable that vision has proven to be. With more customers, recognized market leadership and an even stronger team, Vena is poised to become a household name in business software.”
JMI has a more than 25-year track record financing and helping growth software businesses become industry leaders, including Eloqua, PointClickCare, ServiceNow, and Workfront. Since 1992, JMI has completed over 140 investments, more than 90 exits and 19 IPOs.
The software-focused private equity house brought its overall fundraising total to more than $4bn last month through a hard cap close of its ninth flagship fund.
The $1.2bn Equity Fund IX will continue the firm’s strategy of investing in high-growth software companies, making investments ranging from about $15m to over $100m through both minority and control transactions.
Copyright © 2019 FinTech Global
