Earlier today, FloQast announced its $110M Series D financing. We are thrilled to be joining co-founders Mike Whitmire, Chris Sluty, Cullen Zandstra, and the rest of the FloQast team in the pursuit of building a special company.
FloQast is a SaaS company that focuses on automating accounting workflows. FloQast’s staple offering, its Close management platform, provides a single pane of glass where accounting teams can do their work and manage month-end close tasks. The solution helps customers save time by shaving days off of the close process. It also enhances accountability, improves accuracy and enables effective collaboration regardless of where people are working.
There are several reasons we got excited about FloQast and the world of accounting workflow software.
Large Opportunity:
Financial systems of record have been a core area of focus for Meritech over the years including investments in NetSuite, Anaplan, Coupa, CloudHealth and Carta. It never ceases to amaze us how much of the financial and accounting operations for most businesses still depend on manual processes that include a mix of email, spreadsheets and tribal knowledge. FloQast’s opportunity is still a greenfield space and we believe every business with an accounting team will find FloQast’s value proposition to be compelling. In addition, we agree with the founders’ vision that there is a significant opportunity to build a multi-product suite by continuing to automate additional operational workflows beyond the Financial Close.
The Time is Now:
The Pandemic has increased awareness around the need for businesses to accelerate the digital transformation of their operations. With more businesses following remote or hybrid work models, cloud-based solutions like FloQast where employees collaborate to do their work become increasingly critical.
Customer Passion:
At Meritech we rotate heavily on customer feedback and our diligence calls on FloQast were some of the most consistently positive calls we have made over the past two decades. More than 20 of our portfolio companies are already customers including high-growth companies such as Anaplan, Auth0, Carta, Coupa, ForgeRock, Icertis, Outreach, Pendo, Self Financial and Snowflake. We find it validating when innovators adopt innovation. We continuously heard that FloQast’s solution is intuitive, quick to deploy and delivers on its value proposition. The fact that FloQast has nailed customer NPS stems from the founders’ insistence that the entire company, including engineering and sales, is filled with accounting DNA, which helps bring a practitioner’s view to everything FloQast does. Mike and Chris have CPA backgrounds and FloQast’s products truly are built by accountants for accountants.
Thank you Mike, Chris, Cullen and all of the other FloQasters for allowing us to be part of this journey. FloQast is well on its way to becoming a must-have part of the finance stack and we believe the opportunity is still in the early innings.