Total amount raised
$1.1 Billion
Latest funding date
July, 2021
Location
FloQast has successfully raised $100 million in its Series E funding round, achieving a valuation of $1.6 billion. The company is backed by a total of 15 investors, including WiL (World Innovation Lab) and 9Yards Capital.
Keep reading to explore the intricacies of FloQast's fundraising journey and the investors backing this innovative platform.
What Is FloQast?
FloQast, founded in 2013 by Cullen Zandstra and Mike Whitmire, is headquartered in Los Angeles, California. The company specializes in financial close management software designed to streamline the month-end close process for accounting teams.
FloQast's platform integrates with popular accounting systems like QuickBooks, NetSuite, and SAP, offering tools for task management, documentation, reconciliation, and reporting. This integration helps automate repetitive tasks and reduce manual errors, enhancing accuracy and efficiency in financial reporting.
With a workforce of 501-1000 employees, FloQast continues to innovate in the accounting software space, providing solutions that improve collaboration, visibility, and efficiency during the financial close process.
How Much Funding Has FloQast Raised?
- Pre-Seed Round
- Amount Raised: $50K
- Date: October 2013
- Lead Investors: Amplify.LA
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their financial close management software.
- Seed Round
- Amount Raised: $1.3M
- Date: November 2014
- Lead Investors: Toba Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: $6.5M
- Date: March 2016
- Lead Investors: Polaris Partners, Toba Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: $25M
- Date: June 2017
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive market expansion and further product innovation.
- Venture Round
- Amount Raised: $20M
- Date: December 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Series C
- Amount Raised: $40M
- Date: January 2020
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and expand the customer base.
- Series D
- Amount Raised: $110M
- Date: July 2021
- Lead Investors: Meritech Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion and invest in new technologies.
- Series E
- Amount Raised: $100M
- Date: April 2024
- Lead Investors: ICONIQ Growth
- Valuation at Round: $1.6 billion
- Motivation Behind the Round: To fuel global expansion, drive AI innovation, and enhance operational excellence.
Total Amount Raised: $352.8M. Current Valuation: $1.6 billion.
Key Investors
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that partners with visionary entrepreneurs to support their companies from early growth stages to IPO and beyond. Roy Luo from ICONIQ Growth joined FloQast's Board of Directors after leading the Series E round.
- Investment Focus Areas: Technology, software, high-growth companies.
- Notable Investments: Snowflake, Datadog, Zoom.
- Meritech Capital Partners
- Details: Meritech Capital Partners is a venture capital firm that invests in late-stage technology companies. They have been a consistent supporter of FloQast, participating in multiple funding rounds.
- Investment Focus Areas: Technology, software, late-stage companies.
- Notable Investments: Facebook, Salesforce, Snowflake.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. They focus on a wide range of sectors and have a strong track record of successful investments.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Uber, Spotify, BlueJeans.
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm that invests in growth-stage technology and software companies. They have a history of supporting companies through significant growth phases.
- Investment Focus Areas: Technology, software, growth-stage companies.
- Notable Investments: Twitter, Shopify, Qualtrics.
- Polaris Partners
- Details: Polaris Partners is a venture capital firm that invests in technology and healthcare companies. They have been involved with FloQast since the Series A round.
- Investment Focus Areas: Technology, healthcare, life sciences.
- Notable Investments: LogMeIn, Akamai, Ironwood Pharmaceuticals.
What's Next for FloQast?
FloQast stands at the cusp of significant growth opportunities, driven by its innovative use of AI to streamline financial operations. With a user base of over 2,600 accounting teams and $100 million in annual recurring revenue, the company is poised to expand its global market presence, particularly in regions like Australia, New Zealand, and the DACH region. The integration of new AI-powered solutions and partnerships with major platforms like SAP S/4HANA Cloud further solidify its market position.
Future fundraising opportunities seem promising, given the recent successful Series E round and the involvement of high-profile investors like ICONIQ Growth. This financial backing could pave the way for additional rounds or even an IPO. However, FloQast will need to navigate challenges such as maintaining its competitive edge, ensuring the scalability of its solutions, and managing regulatory requirements across different markets. As the company continues to innovate and expand, these hurdles will be critical to address for sustained success.
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