We’re Just Getting Started: What Our Series D Funding Means for the Future of FloQast
Jul 21, 2021 | By Michael Whitmire
It’s been a very interesting few weeks.
Today, we're excited to announce the close of our Series D round of funding, raising $110 million at a $1.2 billion valuation. In marketing parlance, that means FloQast is officially a “unicorn,” and we couldn’t be more excited.
That being said, there’s more to this round than meets the eye.
The round was led by Meritech Capital with participation from Redpoint Ventures, Sapphire Ventures, Coupa Ventures, and continued participation from prior investors including Insight Partners, Polaris Partners, and Norwest Venture Partners.
But if you had asked me just a few months ago how I planned to approach our next round of funding, it wouldn’t have looked like this. The truth is that we never actually started this cycle of funding.
Thanks to the tremendous feedback they received from portfolio companies using FloQast, venture capital firms started reaching out to us about our next round of funding before we planned on actively fundraising. While I was hesitant at first — our Series C and stellar momentum in 2020 have us in a great spot — the opportunity ahead of us from both a product and market perspective is considerable enough that we decided now was the time to strike.
This round of funding would not have happened without our users — without them, we would not have been able to maintain the momentum we had pre-pandemic. Simply put: FloQast users are why such prestigious VCs started reaching out and why the demand to participate in our Series D was so high.
So, what’s next? Well, we’re hiring. A lot. We need bright minds and experienced professionals to help us accelerate accounting workflow development, continue our international expansion, and support our rapid growth.
I’d be lying if I didn’t say this is a little surreal, but this isn’t the start or the finish. We’ve been working hard on creating the best possible product for a long time, and there’s a lot more work to do, but we’re confident that we’re just scratching the surface of what we’re capable of.
So as we look toward what FloQast can be, it's worth taking a minute to celebrate the FloQast employees and users who helped us get to where we are today. LFG!