FloQast has successfully raised $229.9 million over 8 funding rounds, achieving a valuation of $1.2 billion. The company specializes in accounting workflow automation, trusted by over 1,500 accounting teams.
Keep reading to explore the intricacies of FloQast's fundraising journey and the investors backing this innovative platform.
What Is FloQast?
FloQast, founded by Michael Whitmire, Chris Sluty, and Cullen Zandstra, is a leader in accounting workflow automation. Established in 2013, the company operates from Los Angeles, Columbus, and New York City.
FloQast's platform automates common accounting workflows, including reconciliations and month-end close processes, making them more efficient. Trusted by over 3,000 global companies, it aims to elevate accounting through AI-powered solutions.
With a workforce of 501-1000 employees, FloQast continues to innovate, helping accounting teams streamline their operations and reduce audit fees.
How Much Funding Has FloQast Raised?
- Series A Round
- Amount Raised: $6.5 million
- Date: March 21, 2016
- Lead Investors: Polaris Partners and Toba Capital
- Motivation Behind the Round: The funds will be used to accelerate product development and expand sales and marketing efforts.
- Series D Round
- Amount Raised: $110 million
- Date: July 21, 2021
- Lead Investors: Meritech Capital Partners
- Valuation at Round: $1.1 billion (pre-money valuation)
- Motivation Behind the Round: The funding was aimed at supporting FloQast's growth plans and future development.
FloQast has raised a total of $116.5 million and is currently valued at $1.1 billion.
Key Investors
- Meritech Capital Partners
- Details: Meritech Capital provides late-stage venture capital to technology companies. They have a strong track record of supporting high-growth companies.
- Investment Focus Areas: Technology, SaaS, Enterprise Software
- Notable Investments: Facebook, Salesforce, Datadog
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that partners with visionary teams and venture funds to build companies of consequence. They have over two decades of experience in the industry.
- Investment Focus Areas: Technology, Fintech, Healthcare
- Notable Investments: LinkedIn, Box, Square
- Redpoint Ventures
- Details: Redpoint Ventures is a venture capital firm that invests in seed, early, and growth-stage companies. They focus on innovative startups that have the potential to disrupt their industries.
- Investment Focus Areas: Consumer Internet, Enterprise, Mobile
- Notable Investments: Netflix, Stripe, Twilio
- Polaris Partners
- Details: Polaris Partners invests in exceptional technology and healthcare companies across all stages. They have a diverse portfolio and a history of successful exits.
- Investment Focus Areas: Technology, Healthcare, Life Sciences
- Notable Investments: LogMeIn, Akamai, Ironwood Pharmaceuticals
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage investment firm that manages more than $9.5 billion in capital. They invest in early to late-stage companies across a wide range of sectors.
- Investment Focus Areas: Technology, Healthcare, Financial Services
- Notable Investments: Uber, Spotify, Plaid
What's Next for FloQast?
FloQast stands at the cusp of significant growth opportunities, driven by the increasing demand for automation in accounting processes. With $110 million raised in its Series D round, the company is well-positioned to expand its market presence and enhance its product offerings. The integration of traditional tools like Microsoft Excel with modern ERP systems highlights the potential for FloQast to streamline accounting workflows further.
Future fundraising opportunities seem promising, given the strong investor confidence and high valuation. However, challenges such as maintaining growth momentum and staying competitive in a rapidly evolving fintech market could pose hurdles. As FloQast continues to innovate, it may also become an attractive acquisition target for larger firms seeking to bolster their financial technology capabilities.
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