Series C Round Led by Norwest Venture Partners Brings Total Raised to $93m
FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, announced it has raised $40 million in Series C funding led by Norwest Venture Partners with participation from existing investors Insight Partners and Polaris Partners. The latest investment round brings the total equity raised to $93 million. The new funding, which reflects the rapidly growing adoption of FloQast’s close management software, will be used to help the company to further accelerate customer expansion and drive continued technology innovation for corporate accounting teams.
“FloQast’s impressive growth and unmatched vision for the accounting software market make them an ideal investment for Norwest Venture Partners,” said Sean Jacobsohn, partner at Norwest Venture Partners. “Controllers and accounting departments across a growing number of markets are standardizing their accounting operations on FloQast to drive more accurate and effective reporting, accountability and compliance, and to give the organization’s senior executives greater visibility into the performance of the company. We are excited to work with Mike Whitmire and the FloQast management team to further capitalize on this enormous market opportunity.”
FloQast streamlines what has traditionally been a manual, error-prone process, reducing the time it takes to close the financial books each month while significantly improving accuracy. Seamlessly integrated with ERPs, FloQast allows accounting teams to continue to use their existing checklists and Excel, while providing a single place to manage the month-end close to give everyone visibility. This results in improved financial controls to meet compliance requirements, such as SOX, and improve audit readiness. On average, teams using FloQast close three days faster.
“FloQast offers a modern alternative to the complex, legacy accounting software relied on by large enterprises. In its place is quick to implement, cloud-based and AI-powered software that delivers immediate business value for midmarket teams too,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “This round of investment validates that the market for close management software has hit an inflexion point, and the need for fresh, innovative technology approaches that help controllers and their teams increase productivity and operate more strategically.”
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FloQast experienced significant growth, momentum and validation in 2019, including:
- Added more than 275 new customers spanning all industries, including Lyft, Zoom Video, Chicago Cubs, Plaid, MasterCraft Boat and Instacart. They join existing customers including Anaplan, DocuSign, The Golden Gate Warriors, GrubHub, Nutanix, Okta, Twilio, Yelp, Zillow and Zscaler.
- Added a second product line, FloQast AutoRec, the industry’s first AI-powered solution to automate the account reconciliation process.
- Grew the number of accounting professionals using the platform by more than two-thirds.
- Rated highest for user satisfaction among all Financial Close Software providers and named Leader in both of G2’s Grid® Report for Financial Close and Momentum Grid® Report for Financial Close for Winter 2020.
- Entered into a strategic partnership with Workvia to deliver an integrated reporting and compliance solution.
- Received the highest use case scores for Lower Midsize Organization and Business Unit use cases in Gartner’s 2019 Critical Capabilities for Cloud Financial Close Solutions Report.
- Continued to expand its partner program adding more than three dozen new consulting and channel partners; more than half of FloQast’s Q4 business involved a partner.
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