FloQast clinches $100m in Series E funding to bolster accounting tech innovation

FloQast, a provider in the finance and accounting operations platform space, has successfully concluded its Series E funding round.

This latest financial injection amounts to $100m, significantly enhancing the company’s market valuation to a robust $1.6bn. The funding effort was spearheaded by ICONIQ Growth, with substantial contributions from new investors BDT & MSD Partners and WiL (World Innovation Lab). Notably, existing stakeholders like Meritech Capital and Sapphire Ventures reaffirmed their confidence in FloQast’s trajectory by participating once again.

FloQast specialises in refining and automating financial and accounting operations. The platform, designed by accountants for accountants, aims to streamline critical processes within these departments, thereby boosting overall efficiency and accuracy. By leveraging advanced technologies, FloQast provides invaluable insights that help inform and optimise business strategy.

The influx of capital from the Series E round will primarily fund research and development initiatives aimed at enhancing the existing technology stack and introducing innovative solutions to the market. Moreover, the investment will support FloQast’s strategic plans for scaling operations globally, ensuring that more organizations worldwide can benefit from its cutting-edge solutions.

Additional plans include leveraging recent advancements in artificial intelligence to both improve current offerings and develop new ones. This strategy is expected to solidify FloQast’s position as a pivotal entity in the transformation of finance and accounting operations on a global scale.

FloQast CEO and co-founder Mike Whitmire expressed his vision for the company’s impact on the industry: “Today’s accounting and finance teams have the opportunity to emerge as drivers of growth and strategic change within their organizations,” he said. “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 minimize compliance risks. This funding round will help that transformation become a reality for even more teams around the world.”

Previously, the company has demonstrated remarkable growth and innovation since its inception in 2013, attracting a client base of over 2,600 teams globally. This consistent upward trajectory is a testament to FloQast’s effective solution-oriented approach and robust organizational infrastructure.

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