FloQast provides a platform to operationalize accounting management, streamline the month-end close, manage finance and accounting operations, and support compliance programs. Led by CEO Mike Whitmire, the product is used by more than 2,600 accounting teams, including Twilio, the Los Angeles Lakers, Zoom, and Snowflake. The company emphasizes AI-enabled features to help manage aspects of the close, reduce compliance burden, and improve accuracy, visibility, and collaboration. FloQast plans to use its new funding to enhance research and development and build new solutions to improve controller workflows. It will also invest in short- and long-term AI innovations and drive continued growth and global expansion to deliver digital innovation to accounting and finance teams. The company is based in Los Angeles, CA and recently completed a major growth financing. FloQast is a Los Angeles-based provider of cloud-based, AI-enhanced workflow automation software for accountants. Led by CEO Mike Whitmire, the platform streamlines accountant workflows and recently added FloQast ReMind, a request management workflow add-on to FloQast Close. The company serves more than 1,400 customers globally. FloQast raised $110M in a Series D at a $1.2 billion valuation. Management intends to use the funds to expand development efforts, grow its roster of global partners and customers, and scale the team to support growth. Following the round, the company lists investors including Meritech Capital, Redpoint Ventures, Sapphire Ventures, Coupa Ventures, Insight Partners, Polaris Partners and Norwest Venture Partners. FloQast builds close-management software that helps accounting teams collaborate on month-end close, communicate, and perform reconciliations and tie-outs. The company launched an AI-powered product called AutoRec to speed reconciliations and add contract value. FloQast targets finance organizations that begin to feel pain when a corporate accounting team reaches roughly five people and increasingly focuses on upper-market customers. Its ACV grew 60% last year, and the company reports doubling ARR on average year-over-year. FloQast cites a net revenue retention of 115%, says it cut cash burn and became more efficient, and used a small interim round to fund the AutoRec launch. FloQast offers close management software created by accountants for accountants, providing a single place to manage the month‑end close and working with existing checklists and Excel. The product claims customers on average close three days faster and the company recently released a separately licensed Close Analytics module plus new user roles and permissions to support internal controls and compliance. FloQast is experiencing rapid growth, reporting revenue growth of 40% quarter‑over‑quarter for more than eight consecutive quarters and a positive net churn of over 20%. The company has doubled its sales organization since early 2017, opened a new office in Columbus, Ohio, and touts an average 30‑day sales cycle from demo to customer. FloQast plans to use new funding to accelerate product innovation, expand into overseas markets, and scale go‑to‑market capabilities. The award‑winning solution is used by hundreds of accounting departments, including Twilio, Nutanix, Zillow and The Golden State Warriors. FloQast provides cloud-based month-end closing software that helps accountants organize, collaborate and close the books faster. Its solution connects the applications accountants use daily and is designed to work dynamically with Microsoft Excel. The company targets finance and accounting teams with tools to streamline the month-end close process. FloQast plans to use new funding to accelerate product development and expand sales and marketing. The company was co-founded in 2013 by Mike Whitmire, Cullen Zandstra and Chris Sluty and is based in Sherman Oaks, CA. It recently completed a significant financing round to support growth and product investment.

Total raised

$282M

Funding rounds

5

Latest round

Series E

Latest activity

Apr 2024