How Vena Solutions Scaled to North of $25M in ARR

While forecasts will always ultimately be wrong, they are nonetheless important to every business. If your models for demand aren’t constantly adjusted with new data, you could be losing out on big sales or over spending on inventory.

Vena Solutions is a cloud solution to this problem that helps companies with budgeting, forecasting, planning, and analytics. Their software helps businesses predict short and long-term revenue with greater accuracy, make better decisions faster with real-time insights, prepare regulatory reports, and more.

How much is Vena doing in ARR?

Vena is a cloud based provider that bills on an annual subscription basis. While the company also offers professional services for complex implementations and process automation, CEO Shawn Cadeau explained that a majority of the company’s revenue comes from software today. Vena is an enterprise solution and typically serves companies north of $20M in revenue, with each paying them between $50-100k annually.

The company now serves approximately 500 total customers right now and is north of $25M in ARR, according to Cadeau. Vena is doubling revenue year over year and is on track to cross the $100M in ARR mark within the next 3 to 4 years.

What is Vena’s churn?

While Cadeau did not highlight gross churn figures, he did explain that the company has exhibited impressive retention metrics thus far. For the last two years, Vena has displayed net revenue retention of 104%, with expansion coming from adding both additional seats and processes within existing customers.

With a focus on customer success and a dedicated sales team, word is getting out about Vena’s superior product. These channels are driving new customer acquisition with Vena receiving payback within 12 months, on average.

How much has Vena raised?

Vena has raised between $30M and $40M to date, with a bulk of that outside capital coming from a Series A raised two years ago.

Going forward, the company’s team of 220 full-time employees is focused on going to market internationally through strategic partners and opening new offices around the world. Will Vena be able to IPO within the next 3-5 years? Only time will tell, but if this Toronto-based SaaS company continues its course, things are looking up.