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HomeAIFloQast lands $100m Series E funding at $1.6bn valuation

FloQast lands $100m Series E funding at $1.6bn valuation

Date:

  1. 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.
  2. 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.
  3. Board of Directors:
    • ICONIQ Growth’s general partner, Roy Luo, will join FloQast’s board of directors as a result of leading the round.
  4. 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.
  5. 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.
  6. 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.

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