Adrian JohnsonTLDR:
- FloQast, a Sherman Oaks-based accounting workflow automation platform, raised $100 million in a series E round.
- The company is now aiming for an initial public offering.
FloQast Raises $100 Million, Eyes IPO
When Mike Whitmire co-founded accounting workflow automation platform FloQast Inc. in 2013, he aimed to streamline the pain points of business accounting work. The company now serves about 2,800 clients, including big names like Twilio Inc. and the Los Angeles Lakers, with a post-money valuation over $1.6 billion.
FloQast’s tools include a collaboration platform supporting month-end close, reconciliation automation, reporting, and compliance management. The company recently closed a $100 million series E round and is looking towards an IPO.
One key element of FloQast’s success is its team of former accountants, with 35% of its employees coming from an accounting background. This strategic hiring approach has driven the company’s competitive differentiation and customer understanding.
FloQast’s growth tactics involve careful hiring, steady growth rates, and internal promotions, allowing the company to maintain financial stability and avoid layoffs. With plans for international expansion, product development, and the groundwork for an IPO, FloQast aims to continue its success story.
Whitmire, co-founder of FloQast, has long dreamt of taking the company public. With recent funding rounds focused on preparing for an IPO, FloQast is positioning itself for future growth and success in the accounting automation industry.
