LOS ANGELES, Jan. 21, 2020 (GLOBE NEWSWIRE) -- FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced it has raised $40 million in Series C funding 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. The new funding, which reflects the rapidly growing adoption of FloQast’s close management software, will be used to help the company to further accelerate customer expansion and drive continued technology innovation for corporate accounting teams.
“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. Seamlessly integrated 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. On average, teams using FloQast close three days faster.
“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.”
FloQast experienced significant growth, momentum and validation in 2019, including:
To learn how your accounting team can close three days faster and more accurately, visit www.floqast.com.
About FloQast
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The award-winning cloud-based software is trusted by hundreds of accounting departments, including those at Lyft, Twilio, Zoom and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.
*inactive
Rebecca Mettler
BOCA Communications for FloQast
floqast@bocacommunications.com
914-215-0113