The people
What they build
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Working at Vena Solutions
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On the TechTO stage
Don Mal of Vena Solutions presents Why Vulnerability May Be Your Biggest Strength
Watch on YouTube ↗Challenging the Norm | A Presentation from Vena Solutions COO, Tina Goulbourne
Watch on YouTube ↗Every talk is searchable — ask the archive about Vena Solutions ↗
About
Rishi Grover and George Papayiannis incorporated Vena in April 2011 to let finance teams plan inside the spreadsheets they already used, without losing version control. Don Mal joined that August as CEO and third co-founder — he told the TechTO stage in 2018 that he started the company in a Starbucks, and that by then it was 200 people in Liberty Village. Mal was founding CEO until 2019, when Hunter Madeley took over. Vena hit $100M USD in annual recurring revenue in 2024, and in February 2026 signed its first full-scale acquisition, Australia's Acterys.
Backers
Vista Equity Partners led the $300M CAD Series C in 2021, taking a minority stake; JMI Equity and Centana Growth Partners are earlier investors, and CIBC Innovation Banking provided US$25M in growth capital in 2020. $450M CAD raised to date.
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Quick answers
What does Vena Solutions do?
Planning, budgeting, forecasting and reporting for finance teams, built to run inside Excel rather than replace it. Vena is based in Toronto and serves 1,700+ customers, including Coca-Cola and Deloitte.
Who founded Vena Solutions?
Rishi Grover and George Papayiannis incorporated it in April 2011; Don Mal joined that August as CEO and third co-founder. Mal was CEO until 2019. Hunter Madeley has led the company since.
How big is Vena Solutions?
It crossed $100M USD in annual recurring revenue in 2024, making it one of Canada's "centaur" companies, and has raised $450M CAD — including a $300M Series C led by Vista Equity Partners in 2021.