FloQast, a Los Angeles, CA-based finance and accounting operations platform provider, raised $100M in Series E funding, at $1.6M Billion valuation.
The round was led by ICONIQ Growth, with participation from BDT & MSD Partners and WiL (World Innovation Lab), alongside board member Meritech Capital as well as Sapphire Ventures. ICONIQ Growth’s Roy Luo joined FloQast’s Board of Directors.
The company intends to use the funds to further enhance its continued research and development of new solutions designed to improve existing workflows in the office of the controller, as well as short-term and long-term innovations empowered by developments in artificial intelligence. It will also drive continued growth and global expansion efforts, enabling the company to deliver digital innovation within accounting and finance teams.
Led by CEO Mike Whitmire, FloQast provides a platform that enables organizations to operationalize accounting management. Used by more than 2,600 accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – it enables customers to streamline and manage the financial close, finance and accounting operations, and compliance programs. With FloQast, teams can utilize advancements in AI technology to manage aspects of the month-end close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration throughout the financial function.
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