Accounting software company FloQast receives $40 million in funding

FloQast, a provider of close management software created by accountants for accountants, has raised $40 million in Series C funding which will be used to help the company advance customer expansion and continue to drive technology innovation.

This latest funding round was 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.

“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.

By integrating 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.

“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.”

For more information about this news, visit www.floqast.com.

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