FloQast Raises $110 Million in Funding at a Valuation of $1.2 Billion
Jul 21, 2021 | By GlobeNewswire
Series D Round Led By Meritech Capital Brings Total Raised to $203 Million
LOS ANGELES, July 21, 2021 — FloQast, a provider of accounting workflow automation software created by accountants for accountants, today announced it has raised $110 million in Series D funding 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. George Bischof of Meritech Capital will also join FloQast’s Board of Directors.
With a valuation of $1.2 billion, FloQast becomes a unicorn workflow solution provider. The company will use the funding to accelerate accounting workflow innovation and development, expand its roster of global partners and customers, and continue to scale the team to support its rapid growth.
"Today’s finance and accounting functions are undergoing major transformations to become more automated, collaborative and insightful," said George Bischof, general partner at Meritech Capital. "FloQast has established itself as the market leader in enabling these transitions by delivering easy-to-use, non-disruptive solutions that work the way accounting and finance professionals work."
Today’s announcement further illustrates that FloQast’s accounting workflow automation software consistently delivers on the company’s vision to ease the daily burden of finance and accounting professionals so they can focus on more strategic work.
"Our customer community continues to drive our workflow innovation by finding new applications for our technology. This, coupled with the growing importance of finance and accounting in digital businesses, requires controllers to become more operationally involved than ever before," said Mike Whitmire, CPA*, CEO and co-founder of FloQast. “As a result, FloQast is perfectly positioned to deliver the next generation of accounting and finance modernization without disrupting the critical core work that these professionals must deliver every day.”
With more than 1,400 customers globally, FloQast is the fastest-growing provider of accounting workflow automation software. The company’s recent growth and momentum include:
- An 88% year-over-year increase in annual recurring revenue (ARR).
- Over 50 successful IPOs completed leveraging FloQast in the last 12 months.
- The launch of FloQast ReMind, a new request management workflow add-on to the FloQast Close solution that automates manual tasks and delivers new levels of visibility across the close process to enable a manage-by-exception approach.
- Global expansion with the opening of a new office in London to support the company’s rapidly growing list of customers based in Europe, the Middle East, and Africa [EMEA].
- Over 250 new customers were added in the first half of 2021 including ACLU, Avalara, Confluent, Patreon, Roblox, RSA Security, and Sonos.
- Leader status and the top satisfaction rating on the G2 Grid® for the top Financial Close Software products, as well as No. 1 ranking on its summer 2021 Momentum Grid® Report for Financial Close software.
This growth and momentum wouldn't be possible without the company's community of employees – FloQasters – who are committed to making the lives of accountants and financial leaders easier and more productive. Despite the many challenges faced over the past 18 months, the company excelled in its performance during the pandemic, a credit to the team's commitment to customer service and excellence in pursuit of FloQast's overarching vision.
“I’ve been a FloQast user since 2015 and it's exciting to see the company's sustained success," said Brandt Kucharski, chief accounting officer at Matterport. "FloQast continues to change the way accountants and financial leaders manage their close in less time, with greater accuracy, and with less stress than ever before."
Recognized as a 2020 Technology Fast 500 by Deloitte, FloQast is the leader in accounting workflow automation created by accountants for accountants to work smarter, not harder. The cloud-based, AI-enhanced software is trusted by more than 1,400 accounting teams, including those at Twilio, Instacart, Zoom and The Golden State Warriors – and proud to be rated #1 across all user review sites. By automating common accounting workflows and helping to streamline and make them more efficient, FloQast is the place where accounting teams want to work so they can focus on what matters most, even when that’s just going home on time. Whether automating reconciliations, documentation requests or other workflows such as the month-end close, financial reporting or payroll, FloQast enhances the way accounting teams already work to help them work smarter. Learn more at floqast.com.
BOCA Communications for FloQast