- FloQast, a California-based finance and accounting platform, concludes its Series E funding round at $100 million, reaching a post-money valuation of $1.6 billion.
- The round is led by ICONIQ Growth, with participation from Meritech Capital, Sapphire Ventures, BDT & MSD Partners, and World Innovation Lab (WiL).
- FloQast plans to utilize the funding to enhance research and development efforts, focusing on AI-driven solutions for improving workflows and expanding globally.
California’s FloQast closes Series E round at $100m, reaching $1.6bn valuation. ICONIQ Growth spearheads investment for AI-driven finance solutions.
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FloQast’s series E funding round
FloQast, a California-based platform for finance and accounting operations, has concluded its Series E funding round at $100 million, achieving a post-money valuation of $1.6 billion.
Key investors and board appointment
Leading the round is the US-based VC ICONIQ Growth, joined by Meritech Capital and Sapphire Ventures, along with newcomers BDT & MSD Partners and World Innovation Lab (WiL). ICONIQ Growth’s general partner, Roy Luo, will join FloQast’s board of directors.
Established 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.
Focus on innovation and expansion
With this new financing, FloQast intends to enhance its research and development endeavors, focusing on innovating solutions to enhance workflows in the “office of the controller.” Additionally, the company plans to use the funds to drive both short-term and long-term innovations, leveraging advancements in AI technology, and to support its global expansion initiatives.
FloQast joins a cohort of fintech companies that have recently concluded Series E rounds, including Scalable Capital securing $65 million, AlphaSense raising $150 million, and UK-based retirement savings firm Smart obtaining $95 million last May.
