Toronto, Ontario (PRWEB) November 15, 2012
Vena Solutions, a Toronto-based provider of enterprise Spreadsheet Process Management software today announced an equity based round of financing.
The financing was led by a combination of UK and Canadian-based angel investors together with Klass Capital. The company intends to use the funding to expand its sales and marketing efforts, bring its Vena SPM ™ solution to new global markets, and accelerate product research and development.
Vena Solutions delivers a comprehensive, innovative and easy-to-use Spreadsheet Process Management (Vena SPM ™) solution. Recognizing the importance and ubiquity of spreadsheet-based processes within large and mid-sized enterprises, Vena SPM supports the automation of virtually any Microsoft Excel-based process through a web-based solution supported by a centralized database. Deployable as either an on-premise or cloud-based solution, Vena SPM eliminates the shortcomings traditionally associated with spreadsheets, such as data integrity, version control, process tracking and information security.
“Microsoft Excel is the largest enterprise application in the world, with some 400 million users,” said Don Mal, Vena Solutions’ CEO and co-founder. “Excel is a powerful data processing and analysis tool and virtually everyone knows how to use it. However, problems often arise when organizations use spreadsheets to automate complex, mission-critical processes involving multiple users. Vena SPM solves all of the spreadsheet-related data integrity and process management problems with an easy-to-deploy and cost effective solution.”
According to Mal, the quality of both global clients and investors has demonstrated rapid market validation and adoption of the world-class Vena SPM solution, “We have closed over 25 enterprise sales since coming to market. Companies such as Canpar, Home Trust, Sentry Investments, Martinrea, First Wind and AES Energy have all implemented Vena SPM to automate mission critical finance and accounting processes such as budgeting, forecasting and planning; financial (G/L) close management; and financial statement footnote disclosure management. End-users love Vena SPM because they can continue to work in ‘native’ Excel. System administrators, IT departments, auditors, finance and risk managers love SPM because it increases control, reduces risk and it’s simple to implement and maintain on an ongoing basis.”
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 (Twitter: @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.