View source for FloQast

{{Short description|American accounting software vendor}}
{{Infobox company
| name = FloQast
| logo = FQ Green Short Logo.png
| logo_size =
| image_caption =
| type = [[Private company|Private]]
| industry = [[Software]]
| founded = 2013
| founders = Mike Whitmire, CPA - CEO and Co-Founder<br/>Chris Sluty, CPA - COO and Co-Founder<br/>Cullen Zandstra - CTO and Co-Founder
| hq_location = [[Los Angeles, California|Los Angeles]], [[California]], [[United States|U.S.]]
| products = B2B [[Accounting Software]]
| num_employees = 650 (2024)
| website = https://floqast.com
}}
'''FloQast''' is an [[accounting software]] vendor based in [[Los Angeles|Los Angeles, California]]. Founded in 2013, the company provides [[Financial close management|close management]] software for corporate accounting departments.
== History ==
FloQast was founded by [[Certified Public Accountant|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.<ref>{{Cite web|url=https://www.builtinla.com/2017/07/26/floqast-salesforce-accountants|title=Balancing the books: How FloQast's SaaS platform is revolutionizing the world of accounting|website=Built In Los Angeles|language=en|access-date=2019-01-08}}</ref>
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|date=March 2024}} The two developed a minimum viable product (MVP), and were accepted into the Amplify.LA [[Startup accelerator|accelerator program]].<ref>{{Cite web|url=http://amplify.la/portfolio|title=Portfolio - Amplify.LA {{!}} Venture Capital {{!}} Los Angeles|website=amplify.la|access-date=2019-01-08}}</ref> 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,<ref>{{Cite web|url=http://www.sfvbj.com/news/2014/nov/05/accounting-startup-raises-money/|title=Accounting Startup Raises Money {{!}} San Fernando Valley Business Journal|website=www.sfvbj.com|date=5 November 2014 |access-date=2019-01-08}}</ref> before securing a $6.5 million Series A in early 2016.<ref>{{Cite web|url=https://blog.amplify.la/amplify-community-update-mar-17-2016-7b2740a1621b|title=FloQast announces $6.5 Million Series A led by Polaris, and more in our latest Community Update|last=Amplify.LA|date=2016-03-17|website=Amplify.LA|access-date=2019-01-08}}</ref>
In January 2017, the company received an award by [[G2 Crowd]] for Best Software for Finance Teams.<ref>{{cite web |author1=Rose, Jaclyn |date=18 January 2017 |title=Best Software for Finance Teams {{!}} 2017 {{!}} G2 Crowd |url=https://www.g2crowd.com/blog/announcements/best-software-finance-teams-2017/ |accessdate=2 February 2018 |website=G2 Crowd}}</ref> In February 2017 the company announced the opening of a second office in [[Columbus, Ohio]].<ref>{{Cite web |last=Ghose |first=Carrie |date=2017-02-02 |title=VC-backed accounting software startup from Los Angeles plans 20 jobs in Dublin |url=https://www.bizjournals.com/columbus/news/2017/02/02/vc-backed-accounting-software-startup-from-los.html |access-date=2019-01-08 |website=www.bizjournals.com}}</ref>
In June 2017 the company raised a $25 million Series B led by [[Insight Partners]].<ref>{{Cite web |date=2017-06-21 |title=FloQast Raises $25 Million to Accelerate Company Growth and Expand Adoption of Its Close Management Software |url=https://venturebeat.com/2017/06/21/floqast-raises-25-million-to-accelerate-company-growth-and-expand-adoption-of-its-close-management-software/ |access-date=2019-01-08 |website=VentureBeat |language=en-US}}</ref>
In 2017 the company received multiple Stevie Awards, including Gold - Company of the Year, Computer Software (Up to 100 employees).<ref name="StevieA">{{cite web |title=2017 Company / Organization Award Winners {{!}} Stevie Awards |url=http://stevieawards.com/aba/2017-company-organization-award-winners |website=stevieawards.com |language=en}}</ref>
In late 2017 the company relocated to a new 20,000-square-foot office in [[Sherman Oaks, Los Angeles|Sherman Oaks]].<ref>{{Cite web |date=20 December 2017 |title=FloQast relocates HQ |url=https://www.accountingtoday.com/news/close-management-software-developer-floqast-relocates-headquarters |access-date=2019-01-08 |website=Accounting Today |language=en}}</ref>
In 2018 the company was recognized in [[CFO (magazine)|CFO's]] Tech Companies to Watch 2018: Major Disruptors list.<ref>{{Cite web |last=McCann |first=David |date=2018-05-15 |title=CFO's Tech Companies to Watch 2018: Major Disruptors - |url=http://ww2.cfo.com/applications/2018/05/cfos-tech-companies-watch-2018-major-disruptors/ |access-date=2019-01-08 |website=CFO |language=en-US}}</ref>
In July 2021, FloQast raised a $110 million Series D round at a $1.2 billion valuation. The round was led by [[Meritech Capital Partners|Meritech Capital]] with participation from [[Redpoint Ventures]], [[Sapphire Ventures]], [[Coupa|Coupa Ventures]], and continued participation from prior investors including [[Insight Partners]], [[Polaris Partners]], and [[Norwest Venture Partners]].<ref>{{Cite web |date=2021-07-21 |title=Accounting automation and collaboration platform FloQast raises $110M |url=https://venturebeat.com/business/accounting-automation-and-collaboration-platform-floqast-raises-110m/ |access-date=2023-06-18 |website=VentureBeat |language=en-US}}</ref><ref>{{Cite web |last=Cohn |first=Michael |date=2021-07-21 |title=FloQast scores $110M in latest funding round |url=https://www.accountingtoday.com/news/floqast-scores-110m-in-latest-funding-round |access-date=2023-06-18 |website=Accounting Today |language=en}}</ref>
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.<ref>{{Cite web |date=2024-04-10 |title=FloQast raises $100 mln in late-stage funding at $1.60 bln valuation |url=https://finance.yahoo.com/news/floqast-raises-100-mln-stage-140513633.html |access-date=2024-04-10 |website=Yahoo Finance |language=en-US}}</ref>
== Product ==
FloQast is a Software as a Service [[Software as a service|(SaaS)]] accounting application that assists with [[Financial close management|close management]].<ref>{{Cite web|url=https://www.pymnts.com/news/b2b-payments/2018/floqast-close-process-accounting/|title=Big Data, Open Banking And The Close Process|last=PYMNTS|date=2018-01-26|website=PYMNTS.com|language=en-US|access-date=2019-01-08}}</ref> The product provides accounting teams with checklists and tie-outs linked to Excel workbooks and the client of organizations’ enterprise resources planning [[Enterprise resource planning|(ERP)]] system to automate reconciliations.{{Citation needed|date=March 2024}} In 2019, the company introduced FloQast AutoRec, a tool that relies on [[artificial intelligence]] to help automate the [[Reconciliation (accounting)|reconciliation process]].{{Citation needed|date=July 2020}}
It's main competitors include accounting software companies [[BlackLine Systems|BlackLine]], [[Numeric Software|Numeric]], and [[Workiva]]<ref>{{Cite web |title=Top 10 FloQast Alternatives & Competitors |url=https://www.g2.com/products/floqast/competitors/alternatives |access-date=October 29, 2024 |website=G2}}</ref>
== References ==
{{Reflist}}
[[Category:2013 establishments in California]]
[[Category:Software companies based in California]]
[[Category:Software companies of the United States]]