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FloQast cements $100M funding to accelerate growth and innovation in finance automation

FloQast cements $100M funding to accelerate growth and innovation in finance automation
Image credit: FloQast

FloQast, a cloud-based accounting operations software provider has closed the Series E funding round with $100 million. Led by ICONIQ Growth, the round saw participation from new investors BDT & MSD Partners and WiL (World Innovation Lab), alongside existing investors Meritech Capital and Sapphire Ventures. With this fresh infusion of capital, FloQast boasts a post-money valuation of $1.6 billion.

Earlier this year, TFN also reported about two female founders who are empowering Gen Z women with AI-driven finance. Their company had secured a $3.4M seed funding round. Moreover, last month, Scaleup Finance raised $8M to expand its digital CFO platform to the US as well.

“Today’s accounting and finance teams have the potential to become strategic drivers within their organisations,” said Mike Whitmire, CEO and co-founder of FloQast. “FloQast serves as a catalyst for accelerated financial transformation. By automating routine tasks, we empower finance and accounting teams to be more efficient, accurate, and compliant.”

“We are excited to continue our partnership with FloQast as it further cements its status as a leading driver of transformation within the accounting and finance industry,” said Roy Luo, General Partner, of ICONIQ Growth. 

The new funding will fuel FloQast’s mission in several key areas. The unicorn plans to invest heavily in research and development, focusing on improving existing solutions for the office of the controller, while exploring cutting-edge advancements in artificial intelligence to introduce new innovations. Also, it aims to expand its global reach by entering new markets and strengthening its presence in existing ones.

FloQast will continue to develop new solutions designed to address evolving needs in the accounting and finance industry.

FloQast, founded in 2013, has grown its user base to over 2,600 accounting teams worldwide. The company has expanded its Accounting Operations Platform with new offerings like Variance Analysis and Compliance Management solutions. FloQast also launched FloQademy, providing free educational resources for accounting professionals. 

The company has grown its customer base to include well-known organisations and expanded its global presence through offices in Australia, New Zealand, and the DACH region. FloQast has achieved various industry certifications and integrations, including SAP S/4HANA Cloud. Additionally, the company has undergone a brand refresh and has been recognised for its workplace culture and employee growth.

What do we think about the startup?

So far, FloQast’s commitment to innovation, customer satisfaction, and employee well-being is quite strong. The company’s dedication to streamlining and automating accounting workflows through its AI-powered platform positions it as a key player in the ever-growing field of accounting technology. 

With the support of its latest funding round, the US-based startup is likely to continue its growth and empower accounting and finance teams to operate with greater efficiency and accuracy, ultimately contributing to the strategic success of organisations worldwide.

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