FloQast Raises $25 Million to Accelerate Company Growth and Expand Adoption of its Close Management Software
Jun 21, 2017 | By VentureBeat
Accounting Software Provider Growing 40% Quarter over Quarter
Los Angeles, CA, June 21, 2017 - FloQast, Inc., a provider of close management software created by accountants for accountants to close the books faster and more accurately, announced today completion of a $25 million Series B round of financing. The funds will be used to accelerate product innovation, expand into overseas markets and scaling of the Company’s go-to-market capabilities.
Insight Venture Partners led the investment round, joined by current FloQast investors Toba Capital and Polaris Partners. The new funding brings FloQast’s total capital raised to date to $33 million. With the investment, Harley Miller, vice president of Insight Venture Partners, will join FloQast’s board of directors.
FloQast is currently experiencing rapid growth and broad adoption of its close management software. The Company has been growing revenue at a record rate of 40% quarter-over-quarter for more than eight consecutive quarters, and is quickly becoming a mainstay technology for accounting teams at midsized and enterprise companies. In the 2017 first quarter alone, accounting teams at Accretive Solutions, E2open, JAMF, naviHealth, Rubrik, Zscaler and dozens of others selected FloQast to meet their month-end close management needs.
In addition to its rapid revenue growth, FloQast enjoys a positive net churn of more than 20%, meaning each quarter, more FloQast customers expand their use of the close management solution than those who do not renew—a rare occurrence among Software-as-a-Service (SaaS) companies.
“FloQast has built a robust business, helping accounting teams close faster and more accurately,” said Michael Whitmire, CPA, co-founder and chief executive officer at FloQast. “This new funding will help further accelerate our growth by enabling the Company to expand internationally and grow our product portfolio. We’ve got the team, product, expertise and backing to build the next great fintech software company.”
FloQast’s new funding comes at a time when the Company is gaining greater momentum, as evidenced by:
- Sales Growth and Expanded Presence – FloQast has doubled its sales organization since the beginning of 2017. To accommodate this rapid employee expansion, FloQast recently opened a new office in Columbus, Ohio.
- Deep Bench Strength – Since the beginning of the year, the Company appointed two key management members, including Todd Ellwood, vice president of sales, a 25-year veteran of software sales, and Lauren Akmaeva, vice president of finance, a CPA with more than a decade of finance, treasury, tax and accounting experience at technology companies.
- Growing Product Solution – FloQast recently released Close Analytics, a separately licensed module that provides detailed data about the close process so a Controller can reallocate resources and make changes to accelerate and improve it. Additionally, new user roles and permissions were made available to help enforce and manage internal controls to meet compliance requirements, like those of Sarbanes-Oxley.
- Efficient Sales Model – FloQast enjoys a hyper-efficient sales model where, on average, prospects become FloQast customers within 30 days of participating in a demonstration of its innovative month-end close software.
- Industry Recognition – FloQast was named earlier this year as Best Finance Solution for 2017 by G2Crowd, and recently earned four Stevie® Awards in the annual American Business Awards program, including gold awards for the Fastest Growing Company and Company of the Year categories and silvers for Most Innovative Tech Company of the Year and New Product of the Year – Financial Management Solution.
“Insight Venture Partners values companies that truly address business pain points, and possess a deep knowledge of their domain,” said Harley Miller, vice president at Insight Venture Partners. “As former accountants, the FloQast team truly understands how the industry operates, using their knowledge and extensive experience to build solutions that directly address this segment’s distinct needs. We are excited to partner with FloQast on their growth journey.”
FloQast provides a single place to manage the close and give everyone visibility. It works with existing checklists and Excel and the way accounting teams do to manage the close process. Learn how FloQast can help your accounting team close faster and more accurately, at www.floqast.com/close-management-software.
FloQast is a leading developer of close management software, created by accountants for accountants to close faster and more accurately. Working with accounting teams’ existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. FloQast customers on average close three days faster. The award-winning solution is trusted by hundreds of accounting departments, including those at Twilio, Nutanix, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter @floqast.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 280 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter: @insightpartners.