FloQast has raised $282.0M in total across 5 funding rounds.
FloQast's investors include 11, 9Yards Capital, Accel, Addition, Avalon Ventures, Craft Ventures, Dimension Capital, Founder Collective, Founders Fund, Haun Ventures, ICONIQ Capital, In-Q-Tel.
FloQast is a private SaaS technology company founded in 2013 that builds an Accounting Transformation Platform designed specifically by accountants for accounting teams.[1][2][4] It automates close management, reconciliations, compliance, journal entries, variance analysis, and consolidations, integrating with ERPs, Excel, and AI tools like AutoRec to streamline month-end processes and reduce close times by up to 30%.[1][3][5] Serving over 2,800 global customers including Twilio, Zoom, Snowflake, and the Los Angeles Lakers, FloQast targets corporate accounting departments in mid-to-large enterprises, solving pain points like manual reconciliations, compliance burdens, and talent shortages by boosting productivity and enabling accountants to shift from preparers to strategic advisors.[2][3][7] Pricing starts at around $999/month or $9,000-$12,000 annually depending on users and features, with strong growth evidenced by consistent #1 ratings on review sites and expansions like AI-driven modules.[3][7]
FloQast was founded in 2013 in Los Angeles (headquartered in Sherman Oaks, CA) by CPAs Mike Whitmire, Chris Sluty, and Cullen Zandstra, who drew from their own experiences in accounting to address inefficiencies in close processes.[1][4][7] The idea emerged from recognizing the tedium of manual workflows in spreadsheets and ERPs, leading to a platform built "by accountants, for accountants" without heavy IT demands.[2][4] Early traction came quickly: a $1.3 million seed round in November 2014 led by Amplify.LA and Toba Capital, followed by a $6.5 million Series A in 2016; accolades like G2 Crowd's Best Software for Finance Teams in 2017; and office expansion to Columbus, Ohio that year.[1] Pivotal moments include launching AI-powered FloQast AutoRec in 2019 and evolving into a full platform with compliance and ops tools, cementing its leadership alongside competitors like BlackLine and Numeric.[1][5][7]
FloQast rides the accounting automation and AI transformation wave, capitalizing on post-pandemic pressures like talent shortages, regulatory complexity, and the shift to real-time finance in a multi-entity global economy.[2][5] Timing is ideal amid rising demand for SaaS in finance ops—exemplified by its traction with high-growth software firms needing scalable closes amid revenue recognition challenges—while market forces like ERP consolidations and AI ethics standards (e.g., ISO 42001) favor its integrated, compliant approach.[2][8][9] It influences the ecosystem by empowering accountants as advisors, reducing "data silos" by 21%, accelerating reporting 35%, and standardizing workflows for software/SaaS companies, positioning it as a leader in the $5B+ close management market against BlackLine, Numeric, and Workiva.[1][5][7]
FloQast is poised for accelerated expansion through deeper AI embeddings, like expanding ReMind for requests and Connected Compliance, targeting more verticals beyond software (e.g., via SAP partnerships) amid trends in predictive analytics and autonomous finance.[5][6][9] Regulatory shifts toward real-time auditing and AI governance will amplify its edge, potentially driving 2x customer growth as teams consolidate stacks. Its influence could evolve from close specialist to full R2R (record-to-report) powerhouse, humanizing accounting while fueling enterprise agility—echoing its founders' vision of thriving professionals in a changing industry.[2][4]
FloQast has raised $282.0M across 5 funding rounds. Most recently, it raised $100.0M Series E in April 2024.
