On April 10, 2024, the Los Angeles-based finance and accounting operations startup FloQast announced it raised $100 million in Series E funding, aiming to enhance its platform with more AI capabilities. The round was led by existing investor ICONIQ Growth, with participation from new investors such as BDT & MSD Partners and World Innovation Lab, as well as Meritech Capital and Sapphire Ventures. The funding values FloQast at over $1.6 billion, making it one of the most valuable private companies in the financial software industry.
The company plans to use the raised funds for research and development of new technologies, integrating stronger AI capabilities, and global market expansion.
Founded in 2013, FloQast's financial accounting platform incorporates extensive AI-driven automation, simplifying labor-intensive tasks such as reconciliations, document requests, and other workflows that impact month-end close, financial reporting, and payroll operations. FloQast is currently used by more than 2,600 accounting teams worldwide, including Zoom, Snoflake, and the Los Angeles Lakers.
(Source:SiliconANGLE）