July 16, 2024

FloQast raises $100 million.

April 11, 2024
4Min Reads
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FloQast, a supplier of Finance and Accounting Operations Platform designed by accountants for accountants, has successfully closed its $100 million Series E fundraising round.

ICONIQ Growth led the financing, and Roy Luo of ICONIQ Growth joined the FloQast board of directors. In addition to Sapphire Ventures and board member Meritech Capital, new investors BDT & MSD Partners and WiL (World Innovation Lab) also participate in the venture.

With this most recent investment, FloQast strengthens its position as a leader in the accounting and finance technology industry with a post-money valuation of $1.6 billion. The business also shows up as a solution for a lot of other businesses who are trying to change accounting and finance processes in order to get better insights to guide business strategy.

 

Mike Whitmire, CPA*, CEO and co-founder of FloQast, stated, "Today's accounting and finance teams have the opportunity to emerge as drivers of growth and strategic change within their organizations." "FloQast has the potential to expedite financial transformation by enabling finance and accounting teams to improve productivity, improve accuracy, and reduce compliance risks by automating regular and repetitive processes. This funding round will assist even more teams worldwide in realizing that transition.
 

Over 2,600 teams worldwide have embraced FloQast's Accounting Operations Platform since its establishment in 2013. The additional financing will support FloQast's ongoing research and development of fresh ideas aimed at enhancing controller offices' current operations, as well as both immediate and long-term breakthroughs driven by fascinating advancements in artificial intelligence. Additionally, it will fuel ongoing development and international expansion initiatives, allowing the business to further enhance operational excellence and digital innovation in the accounting and finance departments.

 

Roy Luo, General Partner of ICONIQ Growth, stated, "We are thrilled to continue our partnership with FloQast as it further cements its status as a leading driver of transformation within the accounting and finance industry." "FloQast has demonstrated exceptional momentum in recent years, and its mature organizational architecture, operational excellence, and strategic vision for future expansion are noteworthy. We are excited to help FloQast continue to succeed as it moves into its next stage of development, especially in light of the company's recent introduction of novel solutions and worldwide market expansion."

 

After more than ten years of expansion, FloQast just reached a significant milestone: $100 million in annual recurring revenue. This indicates the company's strong growth and position as the industry leader. FloQast has had incredible success over the last year, revealing a number of achievements:

• Product Innovation: To support its Accounting Automation Platform and meet changing market needs, the company unveiled brand-new Variance Analysis and Compliance Management solutions.
• Educational Initiatives: To provide accounting professionals with amusing and informative tools, FloQast introduced free public CPE/CPD courses through FloQademy.
• Logo Growth: FloQast already supports over 2,600 accounting teams, including those at illustrious companies like Twilio, Zoom, Los Angeles Lakers, and Snowflake.

• Global Expansion: With an office in Sydney, FloQast extended its reach into Australia and New Zealand. It also entered the DACH (Germany, Austria, and Switzerland) region, opening up even more markets.
• Certified Integrations and Expanding Ecosystem: FloQast declared the launch of its SAP S/4HANA Cloud, Public Edition certified integration and its accessibility via the SAP® Store.
• Innovative Brand Strategy: FloQast has introduced a completely new brand strategy that reflects the company's dedication to modernizing and innovating within the accounting sector.
• Business Accolades: In addition to ranking among the top companies on Inc. Magazine's Annual List of Best Workplaces for 2023, FloQast made its debut on the Inc. 5000 list and was included on the Deloitte Fast 500 list. Additionally, Newsweek named it one of the 1000 Excellence Index.
• Dynamic User Conference: FloQast organized its fifth-annual user conference, TakeControl: Charting the Future of Accounting, which offered insights into how finance and accounting tasks are changing in the modern world.
• Best Workplace Honors: FloQast was acknowledged as a “Best Place to Work” by the Los Angeles Business Journal for seven years running. • Customer Recognition: FloQast maintained its top ranking as the number-one-rated solution on the G2 Report for Financial Close Management for five consecutive quarters and was named to G2’s 2023 Best Software Awards for Global Software Companies list, solidifying its position as a top global software provider.In addition, Fortune honored FloQast on its list of Best Medium Workplaces and named it a Top Workplace in Technology, highlighting the company's dedication to creating a creative and supportive work environment. FloQast was recognized as a Great Place to WorkTM in the United States and the United Kingdom, demonstrating the company's commitment to establishing outstanding work environments worldwide. It was also placed among the top-scoring companies on Inc. Magazine's Annual List of Best Workplaces for 2023.
• Expanding Team: By the end of 2023, the FloQast team will have more than 600 workers.
 

This assortment of accomplishments demonstrates FloQast's dedication to quality, creativity, and ongoing expansion in the dynamic field of accounting workflow automation. The current expansion and momentum of FloQast are a credit to a committed group of FloQasters who put in endless effort to raise the effectiveness and productivity of accountants and other financial professionals around the world.

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