FloQast raises $100m in Series E round of funding

The round was led by US-based venture capitalist firm ICONIQ Growth

FloQast, a California-based finance and accounting operations platform, has closed its Series E funding round at $100 million. This has given the company a post-money valuation of $1.6bn.

The round was led by the US-based VC ICONIQ Growth, with participation from Meritech Capital and Sapphire Ventures. The three were also joined by first-time investors BDT & MSD Partners and World Innovation Lab (WiL).

As a result of its leadership of the round, ICONIQ Growth will install its general partner, Roy Luo, on the platform’s board of directors.

Founded in 2013, FloQast leverages AI to oversee all facets of the month-end closing process. Its flagship offering, the Accounting Operations platform, serves over 2,600 accounting teams across the globe.

With the recently secured financing, FloQast aims to further its research and development efforts, focusing on crafting new solutions to improve current workflows in the office of the controller.

The firm will also use the additional cash to fund short- and long-term innovations driven by advancements in AI technology. It’s also committing portions of the investment to propel its global expansion initiatives.

Mike Whitmire, chief executive officer and co-founder of FloQast, said: “Today’s accounting and finance teams have the opportunity to emerge as drivers of growth and strategic change within their organizations.

“FloQast can be a catalyst for accelerated financial transformation, starting with the automation of routine, repetitive tasks to empower finance and accounting teams to increase efficiency, enhance accuracy, and minimise compliance risks. This funding round will help that transformation become a reality for even more teams around the world.”

The news follows a recent spate of funding, with Brim Financial raising $85m and Electronica Finance Limited raising $48m.

Image: FloQast

Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.