FloQast, an enterprise software company that provides month-end closing software for accountants, announced it has raised $6.5 million in a Series A round of funding.
The round, co-led by Polaris Partners and Toba Capital with continued participation from Amplify.LA, Wavemaker Partners and Danmar Capital, will accelerate the company’s product development while expanding sales and marketing.
Gary Swart, partner at Polaris Partners and most recently CEO of online workplace and freelancing platform oDesk, has also joined the FloQast board.
“FloQast has replaced an antiquated, manual, and complex process with an elegant technology solution for accounting departments,” stated Swart. “The team’s domain expertise has quickly translated into best-in-class promoter scores and early traction with customers who need to get their books closed in a timely manner with limited resources. We are thrilled to support this rapidly growing business, and look forward to improving a function in great need of transformation.”
Accountant customers can connect FloQast’s cloud-based software with the applications they are using, including Microsoft Excel, to help organize, collaborate, and close the books.
“As accountants, we understand that Excel is loved by our industry,” stated FloQast co-founder and CEO Mike Whitmire. “FloQast allows our clients to continue working with Excel while also linking to the ERP to automate the tie-out and reconciliation process. As a result, we’re able to offer the perfect mix of flexibility and control to truly accelerate the month-end close.”
FloQast was founded in 2013 in Sherman Oaks, Calif., by Mike Whitmire, Cullen Zandstra and Chris Sluty to help manage accounting departments.
“Accountants love us because they get to go home early and have a smoother audit at the end of the year,” Whitmire stated. “Our vision is that one day, every accounting department will be closing the books with FloQast. We’re really excited to partner with Gary and the Polaris team to help turn that vision into reality.”
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access