FloQast lands $100m Series E funding at $1.6bn valuation
FloQast, a Californian finance and accounting operations platform, has closed its Series E funding round at $100 million with a post-money valuation of $1.6 billion.
FloQast bags $100m Series E
The round was spearheaded by the US-based VC ICONIQ Growth, with participation from Meritech Capital and Sapphire Ventures, and joined by first-time investors BDT & MSD Partners and World Innovation Lab (WiL).
As a result of its leadership of the round, ICONIQ Growth will install its general partner, Roy Luo, on the platform’s board of directors.
Founded in 2013, FloQast says it leverages AI to oversee all facets of the month-end closing process, claiming its flagship offering, the Accounting Operations platform, serves over 2,600 accounting teams worldwide.
With the recently secured financing, FloQast aims to further its research and development efforts, focusing on crafting new solutions to improve current workflows in the “office of the controller”.
Moreover, the firm will utilise the additional cash to fund “short-term and long-term innovations” driven by advancements in AI technology and is committing portions of the investment to propel its global expansion initiatives.
FloQast joins a roster of fintechs to close a Series E round over the past 12 months, including Scalable Capital landing $65 million, AlphaSense bagging $150 million, and UK-based retirement savings firm Smart securing $95 million last May.
