FloQast Raises $110 Million in Funding at a Valuation of $1.2 Billion
Collection D Round Led By Meritech Cash Brings Complete Lifted to $203 Million
LOS ANGELES, July 21, 2021 (Globe NEWSWIRE) — FloQast, a provider of accounting workflow automation program created by accountants for accountants, now declared it has raised $110 million in Sequence D funding led by Meritech Money with participation from Redpoint Ventures, Sapphire Ventures, Coupa Ventures, and ongoing participation from prior buyers such as Insight Associates, Polaris Partners, and Norwest Venture Associates. George Bischof of Meritech Funds will also join FloQast’s Board of Administrators.
With a valuation of $1.2 billion, FloQast gets a unicorn workflow answer service provider. The company will use the funding to accelerate accounting workflow innovation and advancement, develop its roster of world wide partners and consumers, and continue on to scale the team to aid its immediate advancement.
“Today’s finance and accounting functions are undergoing big transformations to grow to be additional automatic, collaborative and insightful,” mentioned George Bischof, typical husband or wife at Meritech Cash. “FloQast has proven alone as the industry chief in enabling these transitions by delivering quick-to-use, non-disruptive options that do the job the way accounting and finance specialists perform.”
Today’s announcement even further illustrates that FloQast’s accounting workflow automation application continually delivers on the company’s eyesight to ease the each day load of finance and accounting professionals so they can concentration on far more strategic get the job done.
“Our consumer neighborhood carries on to travel our workflow innovation by discovering new programs for our technological know-how. This, coupled with the growing significance of finance and accounting in digital enterprises, demands controllers to become far more operationally concerned than ever right before,” explained Mike Whitmire, CPA*, CEO and co-founder of FloQast. “As a consequence, FloQast is flawlessly positioned to provide the subsequent era of accounting and finance modernization with out disrupting the essential main work that these specialists need to produce every working day.”
With extra than 1,400 customers globally, FloQast is the quickest-rising supplier of accounting workflow automation application. The company’s recent growth and momentum involve:
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An 88% year-about-12 months improve in once-a-year recurring income (ARR).
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About 50 successful IPOs done leveraging FloQast in the very last 12 months.
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The start of FloQast ReMind, a new ask for management workflow increase-on to the FloQast Near remedy that automates guide responsibilities and delivers new degrees of visibility throughout the shut method to enable a deal with-by-exception technique.
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World growth with the opening of a new workplace in London to support the company’s rapidly increasing listing of prospects primarily based in Europe, the Middle East, and Africa [EMEA].
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Over 250 new buyers were being included in the 1st 50 % of 2021 like ACLU, Avalara, Confluent, Patreon, Roblox, RSA Safety, and Sonos.
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Leader standing and the top rated gratification score on the G2 Grid® for the major Fiscal Close Program products, as nicely as No. 1 position on its summer months 2021 Momentum Grid® Report for Fiscal Near application.
This advancement and momentum wouldn’t be attainable with no the company’s local community of workers – FloQasters – who are fully commited to earning the lives of accountants and financial leaders less complicated and extra productive. Despite the many troubles confronted around the previous 18 months, the business excelled in its efficiency through the pandemic, a credit to the team’s commitment to buyer provider and excellence in pursuit of FloQast’s overarching eyesight.
“I’ve been a FloQast consumer given that 2015 and it is really interesting to see the firm’s sustained success,” mentioned Brandt Kucharski, chief accounting officer at Matterport. “FloQast proceeds to transform the way accountants and economic leaders handle their near in significantly less time, with higher accuracy, and with less tension than at any time right before.”
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About FloQast
Recognized as a 2020 Engineering Rapid 500 by Deloitte, FloQast is the chief in accounting workflow automation produced by accountants for accountants to work smarter, not more challenging. The cloud-centered, AI-enhanced software package is trusted by extra than 1,400 accounting groups, such as individuals at Lyft, Twilio, Instacart, Zoom and The Golden Condition Warriors – and proud to be rated #1 throughout all user overview web-sites. By automating widespread accounting workflows and aiding to streamline and make them extra effective, FloQast is the put exactly where accounting groups want to get the job done so they can target on what matters most, even when which is just going household on time. Whether or not automating reconciliations, documentation requests or other workflows such as the month-finish close, financial reporting or payroll, FloQast enhances the way accounting teams already function to support them perform smarter. Discover additional at floqast.com.
*inactive
Call:
Sammy Totah
BOCA Communications for FloQast
[email protected]