The round was led by ICONIQ Growth, and BDT & MSD Partners and WiL (World Innovation Lab) also participated as first-time investors, alongside continued participation from board member Meritech Capital and Sapphire Ventures. With this funding, FloQast reaches a post-money valuation of USD 1.6 billion, solidifying its position in the accounting and finance technology sector. The company aims to address the needs of organisations looking to enhance finance and accounting operations for better business insights.
According to the company press release, since its inception in 2013, FloQast's Accounting Operations Platform has been adopted by over 2,600 teams worldwide. The new investment will support further research and development efforts to enhance existing workflows and drive innovation in artificial intelligence. It will also facilitate global expansion and growth initiatives.
Representatives from ICONIQ Growth expressed excitement about the partnership and FloQast's growth trajectory, highlighting the company's operational excellence and strategic vision. The official press release also highlights that FloQast recently achieved USD 100 million in Annual Recurring Revenue, marking significant growth and market leadership in the accounting and finance industry.
ICONIQ Growth partners with visionary companies to drive transformation and success, supporting their efforts from early growth stages to IPO and beyond. Their portfolio includes a range of notable companies across various industries.
FloQast aims to enhance accounting excellence for organisations, streamlining financial processes and improving collaboration and accuracy.
According to accountingtoday.com, in March 2024, FloQast introduced several new capabilities, including AI-enhanced automation and additional API integrations for FloQast Reconciliation Management. These enhancements include automated bank integrated cash reconciliations, enabling the integration of cash account transaction details into FloQast. Real-time subledger integration facilitates automated data feeds connecting ERP and third-party solutions, leveraging AutoRec Matching to ensure balance tie-outs for transaction matching.
Furthermore, automated rules-based sign-offs enable FloQast to sign off on behalf of users when subledger balances tie out within predetermined thresholds. The platform also offers automation for fixed assets and amortizable assets, encompassing functionalities such as adding new assets, managing schedules, automating roll-forward schedules for reporting, and pushing journal entries to ERP systems.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now