FloQast, a Los Angeles-based developer of accounting workflow automation software, raised $110 million Wednesday in Series D funding from investors, taking the company to a valuation of $1.2 billion.
The latest round of financing puts the company in “unicorn” territory. The funding was led by Meritech Capital with participation from Redpoint Ventures, Sapphire Ventures, Coupa Ventures, and continued participation from previous investors including Insight Partners, Polaris Partners and Norwest Venture Partners. As part of the deal, George Bischof of Meritech Capital will join FloQast’s board of directors. FloQast plans to use the funding to accelerate accounting workflow innovation and development, expand its global partners and customers, and grow its team of employees.
Investors are pouring back into the market to invest in accounting and tax software companies. The cryptocurrency tax software company TaxBit is reportedly in talks with investors to receive enough funding to also achieve unicorn status (
"Today’s finance and accounting functions are undergoing major transformations to become more automated, collaborative and insightful," Bischof said in a statement Wednesday. "FloQast has established itself as the market leader in enabling these transitions by delivering easy-to-use, non-disruptive solutions that work the way accounting and finance professionals work."
FloQast has been seeing rapid growth over the past year despite the pandemic. The company boasts more than 1,400 customers and said it achieved an 88% year-over-year increase in annual recurring revenue. It reported more than 50 successful IPOs completed leveraging FloQast in the past 12 months. The company has been expanding globally as well, opening a new office in London to support a growing list of customers in Europe, the Middle East and Africa region. More than 250 new customers were added in the first half of 2021, including the American Civil Liberties Union, Avalara, Confluent, Patreon, Roblox, RSA Security and Sonos.
Earlier this year, FloQast launched FloQast ReMind, a request management workflow add-on to the FloQast Close system that automates manual tasks and provides more visibility across the close process (
"Our customer community continues to drive our workflow innovation by finding new applications for our technology,” said FloQast CEO Mike Whitmire in a statement. “This, coupled with the growing importance of finance and accounting in digital businesses, requires controllers to become more operationally involved than ever before."
