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- FloQast
FloQast Revenue, Valuation, Funding & Investors
FloQast is valued at $1.6B as of April 2024, a 16.0x multiple on its last reported $100M revenue.
Last FloQast valuation
$1.6B
Series E · Apr 2024
Last FloQast funding round
$100M
Series E · Apr 2024
FloQast revenue
$100M
Series E · Apr 2024
Key investors in FloQast
Polaris Partners
Insight Partners
Toba Capital
Amplify.LA
Norwest
Wavemaker Partners
About FloQast
FloQast is a financial close management software platform used by accounting teams at mid-market companies. It automates checklists, reconciliations, and flux analysis integrating with NetSuite, QuickBooks Online, and SAP. Firms like HelloFresh and Activision employ FloQast to shorten month-end closes from weeks to days. Headquartered in Los Angeles, the tool provides audit trails and sign-off workflows for SOX compliance.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Apr 2024)
Valuation
$1.6B (Apr 2024)
FloQast Valuation
FloQast is currently valued at $1.6B, based on its Series E in April 2024.
The $100M round was led by ICONIQ Capital, with participation from World Innovation Lab, BDT & MSD Partners, Sapphire Ventures, 9Yards Capital and Meritech Capital Partners.
FloQast's valuation has grown 1.3x from $1.2B at its Series D in July 2021 to $1.6B in April 2024, across 2 priced rounds.
FloQast valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2024 | Series E | $1.6B | 16.0x |
| Jul 2021 | Series D | $1.2B | 6.0x |
FloQast Revenue
FloQast's latest recorded revenue is $100M, as of its Series E in April 2024. At a $1.6B valuation, that implies a 16.0x revenue multiple.
Revenue moved from $200M in July 2021 to $100M in April 2024, while the revenue multiple moved from 6.0x to 16.0x.
FloQast revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2024 | $100M | $1.6B | 16.0x | Series E |
| Jul 2021 | $200M | $1.2B | 6.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
FloQast Funding History
FloQast has raised a total of $303M across 7 funding rounds.
FloQast's first fundraising round was a $1M seed round in November 2014. The most recent completed round was a $100M Series E in April 2024.
FloQast funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Series E | ICONIQ Capital (lead); World Innovation Lab; BDT & MSD Partners; Sapphire Ventures; 9Yards Capital; Meritech Capital Partners | $100M | $1.6B | FloQast is a Los Angeles-based finance and accounting operations platform designed by accountants for accountants, helping teams streamline close, compliance, reporting, and audit processes. Its flagship Accounting Operations platform serves over 2,600 accounting teams worldwide at companies like Twilio, Zoom, and Snowflake. The company achieved $100 million in annual recurring revenue by the end of 2023 and grew to 600 employees that year. On April 10, 2024, FloQast closed a $100 million Series E funding round led by ICONIQ Growth, with participation from new investors BDT & MSD Partners and World Innovation Lab (WiL), alongside existing backers Meritech Capital Partners and Sapphire Ventures. This round propelled FloQast to a post-money valuation of $1.6 billion, marking unicorn status and steady growth from its 2021 valuation exceeding $1 billion after a $110 million Series D. Roy Luo from ICONIQ Growth joined the board. FloQast plans to use the funds for AI-driven innovations, global expansion into international markets, and enhancing its platform's capabilities. CEO Mike Whitmire highlighted ICONIQ's understanding of the business and alignment with FloQast's long-term vision. The investment underscores FloQast's mature infrastructure, operational excellence, and momentum in transforming the accounting and finance industry. |
| Jul 2021 | Series D | Meritech Capital Partners (lead); Redpoint; Polaris Partners; Coupa Ventures; Norwest; Sapphire Ventures; Insight Partners | $110M | $1.2B | FloQast, a Los Angeles-based provider of accounting workflow automation software designed by accountants for accountants, raised $110 million in its Series D funding round on July 21, 2021, led by Meritech Capital Partners with participation from Redpoint Ventures, Sapphire Ventures, Coupa Ventures, and existing investors Insight Partners, Polaris Partners, and Norwest Venture Partners. The round valued the company at a post-money valuation of $1.2 billion, achieving unicorn status and bringing total funding raised to $203 million. George Bischof from Meritech Capital joined the board of directors. The funding was earmarked to accelerate accounting workflow innovation and development, expand its global partner and customer base, and scale the team amid rapid growth. FloQast's platform automates and streamlines common accounting tasks such as the financial close process, prioritizing tasks by deadlines and importance, and had gained traction with over 1,400 global customers including Zoom, Instacart, Roblox, and Sonos by mid-2021, adding more than 250 new customers in the first half of the year alone. FloQast held leader status and the top satisfaction rating on the G2 Grid for Financial Close Software, as well as the No. 1 ranking on the summer 2021 Momentum Grid Report for the category. The company positioned itself as a market leader in enabling transformations in finance and accounting functions toward more automated, collaborative, and insightful operations without disrupting core workflows. This Series D followed prior rounds including a $40 million raise the previous year and preceded a 2024 Series E round at a $1.6 billion valuation led by ICONIQ Growth. |
| Jan 2020 | Series C | Norwest (lead); Polaris Partners; Insight Partners | $40M | - | FloQast raised a $40 million Series C funding round on January 21, 2020, led by Norwest Venture Partners, with participation from Insight Partners and Polaris Partners, following a $20 million inside round after its 2017 Series B, bringing total funding to over $90 million. The round was supported by strong operational metrics including ARR doubling annually on average, 60% growth in average annual contract value (ACV) driven by the new AutoRec product and focus on larger customers, and a net revenue retention rate of 115%. The company, an LA-based SaaS platform for accounting workflow automation built by accountants, aimed to capitalize on its efficiency improvements and consistent growth to scale further. At the time of the Series C, FloQast had demonstrated reliable 'clockwork' growth, reduced cash burn, and maintained high retention, positioning it as a leader in close management software for accounting teams. The company later achieved $100 million ARR in 2023 and $200 million ARR by January 2026, reflecting its trajectory of enterprise expansion, international growth into regions like Australia, New Zealand, and DACH, and adoption by over 3,500 customers including Twilio, Zoom, Snowflake, and the Los Angeles Lakers. Post-2020 developments included product innovations like FloQast Transform for auditable AI agents in close optimization, automation, and compliance, alongside strategic alliances such as with EY and third-party audits for SOC 1 compliance. The platform's multi-solution approach and upmarket push fueled rapid enterprise adoption for multi-entity operations, validating its market position in a competitive financial close and compliance software landscape amid rising demand for AI-enhanced accounting tools. |
| Dec 2018 | Undisclosed stage | - | $20M | - | FloQast, founded in 2013 and headquartered in Los Angeles, California, provides accounting workflow automation software designed by accountants for accountants to help teams close books faster, more accurately, and collaboratively. The platform manages month-end close processes, compliance, audits, and financial collaboration, serving over 2,600 accounting teams globally as of recent years. It has consistently ranked #1 on user review sites and incorporates AI advancements for controller office workflows. In December 2018, FloQast raised a $20 million Venture round (also listed as Series B extension in some sources), with the motivation to support ongoing growth initiatives, team expansion, and infrastructure improvements. This followed a $25 million Series B in June 2017 led by Insight Partners for market expansion and product innovation, and preceded a $40 million Series C in January 2020 led by Norwest Venture Partners to enhance features and grow enterprise clients. Key investors across rounds include Insight Partners, Polaris Partners, Toba Capital, Norwest Venture Partners, Meritech Capital, Redpoint Ventures, Sapphire Ventures, ICONIQ Growth, and others. Total funding raised is reported variably as $292 million or $352.8 million up to 2024. Later rounds included $110 million Series D in July 2021 at $1.2 billion valuation led by Meritech Capital, achieving unicorn status with 88% YoY ARR growth, and $100 million Series E in April 2024 at $1.6 billion post-money valuation, coinciding with $100 million ARR milestone. Recent traction highlights rapid growth, with the company employing 501-1,000 people and focusing on global expansion, AI innovations, and partnerships in the accounting tech sector. |
| Jun 2017 | Series B | Insight Partners (lead); Amplify.LA; Polaris Partners; Toba Capital | $25M | - | FloQast, founded in 2013 and headquartered in Los Angeles, provides accounting workflow automation software designed by accountants to help teams close books faster and more accurately. The company raised $25 million in its Series B round in June 2017, led by Insight Partners, with participation from existing investors Toba Capital and Polaris Partners, bringing total funding to $33 million at that time. The funds were intended to accelerate company growth, expand international markets, and develop the product portfolio. This followed a $6.5 million Series A in March 2016 led by Polaris Partners and Toba Capital to scale operations and enhance platform capabilities. The 2017 round highlighted FloQast's momentum in addressing accounting pain points through domain expertise from its founder team of former accountants. Harley Miller from Insight Partners joined the board post-investment. Later rounds included a $20 million venture round in December 2018, $40 million Series C in January 2020 led by Norwest Venture Partners, $110 million Series D in July 2021 at $1.2 billion valuation led by Meritech Capital Partners, and $100 million Series E in April 2024 at $1.6 billion post-money valuation led by ICONIQ Growth. Total funding across rounds reached approximately $292-352 million by 2024, supporting global expansion, AI innovation, and customer growth to over 2,600 teams worldwide. |
| Mar 2016 | Series A | Polaris Partners (lead); Toba Capital (lead); Amplify.LA; Danmar Capital; Wavemaker Partners | $7M | - | - |
| Nov 2014 | Seed | Toba Capital (lead); Amplify.LA; Wavemaker Partners | $1M | - | - |
Who has invested in FloQast?
15 investors have backed FloQast across its funding rounds, including Polaris Partners, Insight Partners, Toba Capital, Amplify.LA, Norwest and Wavemaker Partners.
Lead investors include ICONIQ Capital, Meritech Capital Partners, Norwest, Insight Partners, Polaris Partners and 1 other investor.
FloQast Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Mar 2016 | ||
| 3 | Participant | Nov 2014 | ||
| 3 | Lead | Nov 2014 | ||
| 3 | Lead | Jun 2017 | ||
| 2 | Lead | Jan 2020 | ||
| 2 | Participant | Jul 2021 | ||
| 2 | Participant | Nov 2014 | ||
| 2 | Lead | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Lead | Apr 2024 | ||
| 1 | Participant | Mar 2016 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Apr 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialFloQast Competitors
FloQast competitors include listed companies like BlackLine and Freee, and private ones like Lukka, DataSnipper, Lighter and Tide.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.3B | - | ||
| Private | $45M | - | $1B | 22.2x | ||
| Publicly listed | $700M | $72M | $1.7B | 2.5x | ||
| Private | - | - | $1.5B | - | ||
| Private | $225M | - | $1.5B | 6.7x | ||
| Publicly listed | $214M | $6M | $1.5B | 4.8x |
FloQast Public Comps
FloQast is still privately-owned, but its public comps include BlackLine, Freee, 74Software, Vertex, Money Forward, Fujian Boss Software, Teamshares, Miroku Jyoho Service, Nordtech Group and Baiwang Cloud.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $700M | $72M | 2.6x | 2.5x | 25.6x | 8.5x | |||
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $814M | $112M | 1.9x | 1.8x | 13.7x | 9.8x | |||
| $748M | $103M | 2.8x | 2.6x | 20.5x | 10.8x | |||
| $324M | $55M | 6.8x | 5.8x | 39.7x | 34.4x | |||
| $299M | $40M | 2.8x | 2.9x | 21.1x | 21.0x | |||
| $472M | ($23M) | 1.7x | 1.4x | (35.0x) | 33.2x | |||
| $315M | $58M | 1.1x | 1.1x | 6.0x | - | |||
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Common questions about FloQast
| When was FloQast founded? | FloQast was founded in 2013. |
| Where is FloQast headquartered? | FloQast is headquartered in Los Angeles, CA, United States. |
| Is FloQast publicly listed? | No, FloQast is a private, VC-backed company. |
| What is FloQast's valuation? | FloQast was last valued at $1.6B in its Series E in April 2024. |
| How much funding has FloQast raised? | FloQast has raised $303M across 7 funding rounds. |
| What was FloQast's last funding round? | FloQast's last funding round was a $100M Series E in April 2024, led by ICONIQ Capital. |
| Who are FloQast's investors? | FloQast's investors include Polaris Partners, Amplify.LA, Toba Capital, Insight Partners, Norwest, Sapphire Ventures, Wavemaker Partners, Meritech Capital Partners, Redpoint, ICONIQ Capital and 5 others. |
| What is FloQast's revenue? | FloQast's latest recorded revenue is $100M (April 2024). |
| What is FloQast's revenue multiple? | FloQast's latest valuation implies a 16.0x revenue multiple ($1.6B valuation on $100M of revenue). |
| Which companies are comparable to FloQast? | Companies comparable to FloQast include Lukka, DataSnipper, BlackLine, Lighter, Tide and Freee. |
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