FloQast lands $100M in Series E funding.

TLDR:

Key points:

• FloQast secures USD 100 million in Series E funding round led by ICONIQ Growth
• Post-money valuation reaches USD 1.6 billion, solidifying its position in the finance technology sector

Finance and accounting operations platform provider FloQast has obtained USD 100 million in a Series E funding round, led by ICONIQ Growth with participation from BDT & MSD Partners and WiL. The funding brings FloQast’s post-money valuation to USD 1.6 billion, showcasing its strength in the accounting and finance technology sector. The company plans to enhance finance and accounting operations for better business insights with this investment.

Since its establishment in 2013, FloQast’s Accounting Operations Platform has been adopted by over 2,600 teams globally. The new funding will support research and development efforts to improve workflows and drive innovation in artificial intelligence. It will also aid in global expansion and growth initiatives, further solidifying FloQast’s market position.

ICONIQ Growth partners with companies to support their growth from early stages to IPO and beyond. FloQast aims to streamline financial processes and enhance accounting excellence for organizations. Recent enhancements include AI-enhanced automation and additional API integrations for FloQast Reconciliation Management, allowing for automated bank integrated cash reconciliations, real-time subledger integration, and automated rules-based sign-offs.