- Funding Round Details:
- Californian finance and accounting operations platform FloQast has closed its Series E funding round at $100 million.
- The post-money valuation of the company stands at $1.6 billion.
- Key Investors:
- The funding round was led by US-based VC ICONIQ Growth.
- Participation came from Meritech Capital and Sapphire Ventures.
- First-time investors BDT & MSD Partners and World Innovation Lab (WiL) also joined the round.
- Board of Directors:
- ICONIQ Growth’s general partner, Roy Luo, will join FloQast’s board of directors as a result of leading the round.
- Company Background:
- Founded in 2013, FloQast utilizes AI to manage all aspects of the month-end closing process.
- Its Accounting Operations platform serves over 2,600 accounting teams globally.
- Utilization of Funds:
- FloQast plans to allocate the funding towards research and development efforts.
- Focus will be on creating new solutions to enhance current workflows in the “office of the controller”.
- Additional cash will fuel short-term and long-term innovations driven by advancements in AI technology.
- Part of the investment will support global expansion initiatives.
- Comparison with Other Fintechs:
- FloQast’s Series E funding adds to the list of fintechs securing significant rounds in the past year, including Scalable Capital, AlphaSense, and Smart.
