Looking Back: The Impact of Series E Funding on FloQast's Evolution

In April 2024, the FloQast team announced our Series E to the public, raising $100M in a round led by ICONIQ Growth, with Roy Luo joining FloQast’s Board of Directors.

This might sound obvious, but timing of the round was intentional. Our goal was to ramp up product development and enhancement, first and foremost, but also to improve the customer experience, fuel international expansion, and tap into a wealth of knowledge and experience possessed by our new investors (which also included BDT & MSD Partners and WiL (World Innovation Lab).

Six months later, we thought it was time to look back and offer an update on where things stand. 

Driving Innovation: Launching New Products

Our goal was always to become the platform for the office of the CFO, and the funds raised have played an integral role in shaping what FloQast looks like today. With this round, we invested heavily in our research and development (R&D), and, at TakeControl last month, we revealed the results of that investment. The Accounting Transformation Platform introduces new AI workflows to deliver value throughout every step of the accounting journey, including: 

• Optimize the close 
• Automate the close
• Connected compliance
• Integrated record-to-report

To support this platform, we announced the launch of three new solutions. Developed by working hands-on with FloQast users, each of these products underpins our goal to uplift the accounting profession in a major way.

• FloQast Journal Entry Management — FloQast Journal Entry Management streamlines the entire journal entry process by automating workflows and seamlessly integrating with various ERPs, providing real-time visibility and control over entries across multiple entities. This solution enhances efficiency and accuracy, eliminating manual errors and ensuring a smooth financial close process.
• FloQast AI Transaction Matching — FloQast AI Transaction Matching revolutionizes the reconciliation process by seamlessly integrating AI-driven automation with existing FloQast products, providing unmatched accuracy and efficiency in handling transaction volumes across multiple data sources. With its user-friendly interface and real-time insights, businesses can easily adapt as they grow, ensuring a streamlined and transparent financial operation.
• FloQast Consolidation — FloQast Consolidation transforms financial reporting by automating and streamlining consolidation processes. It seamlessly integrates with existing FloQast products to provide precise, real-time insights across multiple entities and general ledgers. This powerful solution enables quick adaptation to business growth, ensuring comprehensive and timely financial statements without extensive IT resources.

Additionally, we introduced FloHub, an all-new, centralized hub for third-party applications. The announcements also include several key updates to existing offerings, creating a more comprehensive platform experience.

Performance Overview: Q3 in Review

As we review quarterly data, we can confidently conclude that these new products have had the best starts in FloQast history. Additionally, FloQast Compliance Management had its best quarter with new and existing customers (or, up-sell and cross-sell opportunities).

Considering the traction we’ve seen in these new releases — as well as the uptick in adoption of the FloQast connected compliance module — it’s clear these solutions are resonating with an audience facing a tremendous set of challenges to go with heightened expectations, which takes us to our last point.

Looking Forward: Future Development Plans

This one is pretty simple. We’re going to continue to grow and invest in R&D heavily. While the new products mentioned above are exciting, that doesn’t mean we’re resting on our laurels. Working with FloQast users, we continue to iterate on new ways in which to improve their experience and offer new functionalities. The key solution updates mentioned above aren’t just throw-ins, and we view product enhancements as being just as important as net-new solutions. There’s more to come, to be sure.

When we first met potential investors for our Series E, the message of “going beyond the month-end close,” resonated. To date, FloQast Compliance Management has proven to be of tremendous value to FloQast users, and feedback says the broader value proposition of the Accounting Transformation Platform is already resonating with new and existing customers. With the funds raised during the Series E, these new solutions and product enhancements were our way of taking the next step. Now is the time to put the pedal to the metal and ramp up our efforts to build unique products that don’t just help accountants do their jobs, but help them define how they do their jobs and their value to their businesses.