The funding helps FloQast's valuation hit the $1.2B mark. Here are the top-line bullets you need to know.
FloQast, an accounting workflow automation software, has raised $110M in a Series D funding round. The round drew participation from Meritech Capital, Insight Partners, and Redpoint Ventures, among others.
How is the company performing?
- California-based FloQast is a cloud-based, AI-powered software that helps automate accounting workflows. The company states an 88% year-over-year growth in (ARR) annual recurring revenue.
- FloQast has 1,400 global customers and over 250 new customers were added in 2021, including the ACLU, Patreon, and Roblox, among others.
- The company recently launched FloQast ReMind, a request management workflow software that automates manual tasks.
Source: FloQast
Why does the market matter?
- The global accounting software market is projected to grow at a CAGR of 8.5% and reach a value of $19.59B by 2026, according to Mordor Intelligence.
- The market is witnessing an increasing adoption of online banking, cloud-based accounting, and tax compliance software by small businesses and entrepreneurs for its cost-effectiveness and convenience.
- Increasing demand for the automation of accounting processes are driving the industry.
