FloQast is an accounting software vendor based in Los Angeles, California. Founded in 2013, the company provides close management software for corporate accounting departments.
 | |
| Company type | Private |
|---|---|
| Industry | Software |
| Founded | 2013 |
| Founders | Mike Whitmire, CPA - CEO and Co-Founder Chris Sluty, CPA - COO and Co-Founder Cullen Zandstra - CTO and Co-Founder |
| Headquarters | Los Angeles, California, U.S. |
| Products | B2B Accounting Software |
Number of employees | 650 (2024) |
| Website | https://floqast.com |
History edit
FloQast was founded by CPAs and former corporate accountants Mike Whitmire and Chris Sluty, along with veteran software engineer Cullen Zandstra. Whitmire first conceived the idea for the company during his time at Cornerstone OnDemand where he was a senior accountant.[1]
After devising the concept, Whitmire recruited Zandstra as Co-founder and CTO. The name FloQast was created with the help of a word generator using a combination of accounting terms and contemporary vernacular words.[citation needed] The two developed a minimum viable product (MVP), and were accepted into the Amplify.LA accelerator program.[2] Following the company’s initial funding, Whitmire recruited his former Syracuse University classmate, Sluty, to join the team as Co-founder and COO.
In November 2014, the company raised a $1.3 million seed round of funding led by Amplify.LA and Toba Capital,[3] before securing a $6.5 million Series A in early 2016.[4]
In January 2017, the company received an award by G2 Crowd for Best Software for Finance Teams.[5] In February 2017 the company announced the opening of a second office in Columbus, Ohio.[6]
In June 2017 the company raised a $25 million Series B led by Insight Partners.[7]
In 2017 the company received multiple Stevie Awards, including Gold - Company of the Year, Computer Software (Up to 100 employees).[8]
In late 2017 the company relocated to a new 20,000-square-foot office in Sherman Oaks.[9]
In 2018 the company was recognized in CFO's Tech Companies to Watch 2018: Major Disruptors list.[10]
In July 2021, FloQast raised a $110 million Series D round at a $1.2 billion valuation. The round was led by Meritech Capital with participation from Redpoint Ventures, Sapphire Ventures, Coupa Ventures, and continued participation from prior investors including Insight Partners, Polaris Partners, and Norwest Venture Partners.[11][12]
On April 10, 2024, FloQast concluded its Series E funding round, securing $100 million, with ICONIQ Growth, a tech-focused fund from ICONIQ Capital, leading the investment, and Roy Luo joining the company's Board of Directors. Additionally, BDT & MSD Partners and World Innovation Lab (WiL) participated as new investors, along with continued support from Meritech Capital and Sapphire Ventures.[13]
Product edit
FloQast is a Software as a Service (SaaS) accounting application that assists with close management.[14] The product provides accounting teams with checklists and tie-outs linked to Excel workbooks and the client of organizations’ enterprise resources planning (ERP) system to automate reconciliations.[citation needed] In 2019, the company introduced FloQast AutoRec, a tool that relies on artificial intelligence to help automate the reconciliation process.[citation needed]
References edit
- ^ "Balancing the books: How FloQast's SaaS platform is revolutionizing the world of accounting". Built In Los Angeles. Retrieved 2019-01-08.
- ^ "Portfolio - Amplify.LA | Venture Capital | Los Angeles". amplify.la. Retrieved 2019-01-08.
- ^ "Accounting Startup Raises Money | San Fernando Valley Business Journal". www.sfvbj.com. 5 November 2014. Retrieved 2019-01-08.
- ^ Amplify.LA (2016-03-17). "FloQast announces $6.5 Million Series A led by Polaris, and more in our latest Community Update". Amplify.LA. Retrieved 2019-01-08.
- ^ Rose, Jaclyn (18 January 2017). "Best Software for Finance Teams | 2017 | G2 Crowd". G2 Crowd. Retrieved 2 February 2018.
- ^ Ghose, Carrie (2017-02-02). "VC-backed accounting software startup from Los Angeles plans 20 jobs in Dublin". www.bizjournals.com. Retrieved 2019-01-08.
- ^ "FloQast Raises $25 Million to Accelerate Company Growth and Expand Adoption of Its Close Management Software". VentureBeat. 2017-06-21. Retrieved 2019-01-08.
- ^ "2017 Company / Organization Award Winners | Stevie Awards". stevieawards.com.
- ^ "FloQast relocates HQ". Accounting Today. 20 December 2017. Retrieved 2019-01-08.
- ^ McCann, David (2018-05-15). "CFO's Tech Companies to Watch 2018: Major Disruptors -". CFO. Retrieved 2019-01-08.
- ^ "Accounting automation and collaboration platform FloQast raises $110M". VentureBeat. 2021-07-21. Retrieved 2023-06-18.
- ^ Cohn, Michael (2021-07-21). "FloQast scores $110M in latest funding round". Accounting Today. Retrieved 2023-06-18.
- ^ "FloQast raises $100 mln in late-stage funding at $1.60 bln valuation". Yahoo Finance. 2024-04-10. Retrieved 2024-04-10.
- ^ PYMNTS (2018-01-26). "Big Data, Open Banking And The Close Process". PYMNTS.com. Retrieved 2019-01-08.