Press Release
From Founding Vision to Centaur Status: Vena's Journey to $100M ARR
Recently, we celebrated a significant milestone at our company—we achieved the elite Centaur status as we crossed $100M USD in annual recurring revenue (ARR). Achieving Centaur status is seven times rarer than being valued at $1 billion or more, which over 1,000 private companies have done. It's a feat that only a few startups can dream of, and it marks a pivotal moment in our journey. This milestone highlights our growth, innovation and the exceptional dedication of our team throughout the years. Back in 2011, when George Papayiannis, Don Mal and I founded Vena, we were driven by a deep understanding of the corporate performance management (CPM) landscape and a shared vision for its future. From our humble beginnings as a startup to achieving Centaur status, it has been nothing short of extraordinary. It's a story of teamwork, continuous innovation and a commitment to excellence. The Early Days: A Vision Takes Shape When we started Vena, the CPM market was mature, dominated by legacy systems from giants such as SAP, Oracle and IBM. My career in this space, using Hyperion and Clarity Systems, provided us with a unique perspective. We saw how many organizations, despite investing in advanced technologies, reverted to Excel for their financial planning and analysis. And we put a lot of energy and attention into understanding why that was the case. What we discovered was that this trend stemmed from several key factors. For starters, Excel remains popular because it is familiar, flexible and widely trusted by finance professionals. This allows for rapid customization and iterative processes that more rigid systems often lack. Its ease of use, customization capabilities and powerful functions make it a go-to tool for complex financial tasks. The integration challenges and data compatibility issues with new platforms often lead to delays and inaccuracies, prompting organizations to revert to the reliable and universally understood Excel. Additionally, the extensive training required to fully leverage new technologies can be a significant barrier, causing teams to default to the more immediately accessible and intuitive Excel. By understanding these underlying reasons for teams reverting to Excel, we aimed to better address gaps and improve the adoption and effectiveness of advanced financial planning and analysis solutions. We wanted to be able to embrace Excel without compromise, so whatever you could model in Excel, we wanted to be able to support. Our founding philosophy was simple, yet innovative: unlock the operational and strategic excellence of finance teams and businesses. We wanted to create a solution that was both builder-centric and user-centric. On the builder side, our goal was to allow businesses to model their operations without compromise, ensuring they could adapt quickly to changing internal and external conditions. On the user side, we embraced Excel, integrating its familiar interface with the robust capabilities of a modern CPM platform. This vision guided us as we architected our solutions and developed a platform that natively integrates with Microsoft Office 365, offering users the best of both worlds—an intuitive interface coupled with advanced planning, reporting and analytics capabilities. Read more about the early years here. Building the Foundation: Strategic Partnerships and Innovation Our strategic partnership with Microsoft was pivotal to our growth. By fully integrating with Office 365, we positioned Vena as a unique asset in the market. This integration meant users could continue working within their familiar Excel environment while leveraging Vena's advanced functionalities for financial planning and corporate performance management. Our early years were marked by a series of milestones that laid the groundwork for our success. From securing our first major customers to consistently upgrading our platform, we steadily gained industry recognition and trust. We focused on building a product that was not only powerful, but also easy for finance teams to own, use and maintain. This approach resonated with our customers, who valued the seamless integration into their daily workflows. As teams worked in Excel, Power BI, PowerPoint and Microsoft 365 functionality, Vena was right there, enhancing their productivity and efficiency. Scaling New Heights: Embracing the Cloud The evolution of cloud technology in the early 2010s brought about a significant shift in the CPM landscape. We embraced this transformation wholeheartedly, positioning Vena as a cloud-first solution. This shift allowed us to offer unparalleled scalability, flexibility and accessibility to our customers. The cloud became a catalyst for our growth, enabling us to serve a global customer base and continuously innovate our platform. Throughout this journey, the contributions of my co-founders, George and Don, were invaluable. George’s strategic vision and Don's operational expertise complemented our technical innovations, forming a well-balanced and energetic leadership team. Together, we navigated the challenges of scaling a tech startup, from securing funding and building a talented team to expanding our market presence. Key Milestones and Achievements Reflecting on our journey, several milestones stand out: 2011: Vena’s founding and initial product launch, offering a CPM solution with Excel integration. 2014: Secured our first major funding round, which enabled us to scale our operations and invest in product development. 2017: Achieved significant customer growth, expanding our footprint globally and diversifying our client base across various industries. 2019: Raised $115M in equity finance to accelerate our industry-leading growth and scale our operations to meet the financial and business planning needs of thousands of customers worldwide. 2021: Raised $300M in Series C Funding with Vista Equity Partners (“Vista”), a leading global investment firm that exclusively invests in enterprise software, data and technology-enabled businesses. We also welcomed our 1000th customer that year. 2022: Strengthened our decade-long partnership with Microsoft, integrating more deeply with Office 365 and enhancing our product’s capabilities. 2024: Reached $100M in ARR, a testament to our product’s value and our team’s dedication. For more company announcements and updates, visit the Vena Newsroom. Innovating for the Future Innovation has always been at the core of Vena’s growth. As the market evolved, so did we. One of these significant breakthroughs was the release of Vena Copilot for FP&A, an AI-powered assistant purpose-built to act as an extension of your FP&A team. Vena Copilot leverages machine learning to provide predictive insights, automate routine tasks and support strategic decision-making. This innovation exemplified our commitment to staying ahead of the curve and continuously adding value for our customers. Another recent milestone was the launch of Vena for Microsoft PowerPoint. This feature allows customers to create dynamic presentations directly from their Vena data, ensuring that stakeholders always have the most up-to-date information. It streamlines the reporting process and makes it easier for finance teams to communicate their insights effectively. Achieving Centaur Status: Thanks to Our Customers and Team Reaching $100 million in ARR is a significant milestone, but it is not just a testament to our product—it reflects the trust and support of our customers and the dedication of our talented team throughout the years who have built the foundation of Vena and continue to drive its success. Organizations across industries have embraced Vena for its ability to streamline their financial processes, provide actionable insights and drive better business outcomes. Our customers' success stories are the true measure of our achievements. As we celebrate this significant milestone, we remain focused on the future. Our product vision and roadmap are guided by the evolving needs of our customers. We continue to invest in innovation, exploring new technologies and expanding our capabilities. The journey ahead is exciting, and we are committed to maintaining the momentum that has brought us this far. Looking Ahead: The Future of Vena Our mission at Vena has always been to empower businesses to make better decisions through smarter planning. As we look to the future, we are excited about the possibilities that lie ahead. From enhancing our artificial intelligence and machine learning capabilities to expanding our integrations and user experience, we are dedicated to pushing the boundaries of what our platform can achieve. Our journey to Centaur status is a story of vision, perseverance and collaboration. It is a story of how three founders, driven by a shared belief in the power of technology, built a company that is reshaping the CPM landscape. As we continue to grow and innovate, we remain committed to our core values and to the success of our customers. Here’s to the next chapter in Vena’s journey—a journey that we are proud to share with all of you. Rishi Grover Co-founder and Chief Solutions Architect, Vena Solutions Media Contact: For immediate inquiries or more details regarding our latest business news, please contact: Jonathan Paul Vice President, Content Marketing jpaul@venacorp.com
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