Vena Solutions, a developer of advanced functionality for spreadsheet documents and processes, has raised $3 million in a recent funding round. Toronto-based Klass Capital participated in the round.
Vena Solutions, a rapidly growing technology company focused on providing advanced functionality to spreadsheet documents and processes is announcing an investment from Klass Capital, an institutionally backed Toronto venture capital fund.
A leading venture capital investor, Klass Capital has chosen to back the incredible team and innovative technology at Vena Solutions by participating in its recent $3 million round of funding.
“We’re pleased that we were able to attract such high quality institutional funding at this stage in the company’s lifecycle,” said Vena Solutions’ CEO Don Mal. “This investment from Klass Capital helps to validate the need for and the quality of our product and the ability of our team.”
Vena Solutions provides the only complete Spreadsheet Process Management solution that improves users’ existing spreadsheets and processes by adding additional functionality that includes version control, process management, data validation and a centralized database. Common applications include financial close, disclosure management, financial and management reporting, budgeting, planning and forecasting. Other applications areas include operational spreadsheet based processes in sales, marketing, HR and payroll.
“The progress that the team at Vena has made since formation is impressive. We couldn’t be happier to be partnered with a company that’s causing disruption in the marketplace by solving a significant problem to most businesses rapidly and more cost effectively than the competitors said Daniel Klass, Managing Partner of Klass Capital.
As a result of the company’s accelerating growth, Vena Solutions will use the capital raised in this round to increase the size of their team and to continue fuelling the company’s expansion.
About Vena Solutions
Vena Solutions provides the only complete Spreadsheet Process Management solution that improves users’ existing spreadsheets by adding additional functionality that includes version control, process management, data validation and a centralized database. Common applications include financial close, disclosure management, financial and management reporting, budgeting, planning and forecasting. The company targets mid-market and Fortune 500 companies and its initial clients on its SPM platform include Canpar, Home Trust, Sentry Investments, Martinrea, First Wind and AES Energy.
About Klass Capital
Klass Capital (@KlassCapital) is a leading North American venture capital firm targeting high growth enterprise software companies. The company’s target equity investment size is between $2 million and $10 million. Klass Capital has a unique entrepreneurial culture and its portfolio includes innovative companies like Nulogy, Firmex and Dealer.com. In late April, Klass Capital announced that it had received a significant commitment from Healthcare of Ontario Pension Plan (HOOPP), increasing the size of the fund to $50 million. HOOPP is one of Canada’s largest pension plans and oversees $40-billion of assets.