FloQast Raises $110 Million in Funding at a Valuation of $1.2 Billion
LOS ANGELES, July 21, 2021 (GLOBE NEWSWIRE) -- 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-gowing provider of accounting workflow automation software. The company’s recent growth and momentum include:
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."