Vena at $116M ARR
Jan-Erik Asplund
TL;DR: Sacra estimates that Vena will hit $116M in annual recurring revenue at the end of 2024, up 25% YoY. Going against the modern trend of FP&A platforms that try to get teams out of Excel, Vena is positioning itself as the FP&A platform for people who love Excel and the Microsoft 365 ecosystem. For more, check out our full report and dataset on Vena.
Key points via Sacra AI:
- Founded in 2011 in Toronto as an Excel add-in, Vena auto-generates spreadsheets populated with data from the ERP, CRM and HRIS for finance teams to do planning directly in Excel with real-time actuals and customer data. At $60,000/year ACV, Vena customers represent finance teams at privately-held, midmarket companies that love working in Excel and feel the pain of its lack of permissioning, version control, and 3rd-party integrations, but don’t have the quarterly SEC reporting requirements that would push them to a Anaplan (NYSE: PLAN) or Onestream (NASDAQ:OS) at $300K to $450K/year ACV.
- Instead of going upmarket, Vena is betting on horizontal expansion beyond core FP&A into sales forecasts, headcount planning, and operational planning, growing to $116M in annual recurring revenue in 2024, up 25% year-over-year, with software private equity firm Vista Equity Partners taking a minority position in 2021. Compare to Excel add-in auditing tool DataSnipper at $45M ARR in 2023 (up 150% YoY) and enterprise players Workiva (NYSE: WK) at $630M revenue in 2023 (up 17% YoY) and AuditBoard at $200M ARR in early 2024 (up 33% YoY) at the time of their $3B acquisition by Hg Capital.
- Against the modern trend of FP&A platforms like Runway (Initialized, $34M raised), Equals (A16Z, $23M raised), Sigma Computing (Sutter Hill, $652M raised) and Causal (acquired by Lucanet) looking to get teams out of Excel, Vena positions as enhancing Excel for its 1.5B MAUs who rely on and love the spreadsheet. Launching integrations with PowerPoint, Power BI, and Microsoft Dynamics 365 Business Central, Vena is pushing hard to win as the only complete FP&A platform for the 400M paid users in the Microsoft 365 ecosystem.
For more, check out this other research from our platform:
- Vena (dataset)
- DataSnipper (dataset)
- Siqi Chen, CEO of Runway, on building browser-based collaborative FP&A
- Bobby Pinero, CEO of Equals, on bringing joy to finance teams
- Taimur Abdaal, CEO and co-founder of Causal, on the future of the "better spreadsheet"
- Tim Flannery, co-founder of Passthrough, on building TurboTax for private fund investing
- Christina Cacioppo, CEO of Vanta, on the value of SOC 2 compliance for startups
- Sam Li and Austin Ogilvie, co-CEOs of Laika, on the compliance-as-a-service business model
- Shrav Mehta, CEO of Secureframe, on building a TurboTax for security compliance
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