Los Angeles-based FloQast, a provider of month-end closing software for accountants, raised $6.5 million in a Series A funding round co-led by Polaris Partners and Toba Capital. Amplify.LA, Wavemaker Partners, and Danmar Capital also participated in the round. In conjunction with the funding, Gary Swart, a partner at Polaris, joined the FloQast board.
Los Angeles, CA – – FloQast, an enterprise software company that provides month-end closing software for accountants, announced today that it has raised $6.5M in a Series A round of funding. The round will help further accelerate product development and expand sales and marketing.
Polaris Partners and Toba Capital co-led the round, with continued participation from Amplify.LA, Wavemaker Partners, and Danmar Capital. Gary Swart, Partner at Polaris Partners, has also joined the FloQast board. Gary was most recently the CEO of the world’s largest online workplace and global freelancing platform, oDesk.
“FloQast has replaced an antiquated, manual, and complex process with an elegant technology solution for accounting departments,” said 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.”
FloQast develops cloud-based software that connects the applications accountants are already using to help organize, collaborate, and close the books faster than ever. The software is a dynamic solution that works with Microsoft Excel to help accountants work more efficiently without disrupting their current process.
“As accountants, we understand that Excel is loved by our industry,” Mike Whitmire, Co-Founder and CEO says. “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’s unique approach to the close process has resonated with broad base of accounting departments at both private and public companies.
“Accountants love us because they get to go home early and have a smoother audit at the end of the year,” Whitmire continued. “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.”
FloQast develops cloud-based software to help manage accounting departments. The software provides accountants with a fast and accurate way to close the books by automating tedious processes and making workflow more efficient. FloQast was founded in 2013 by Mike Whitmire, Cullen Zandstra, and Chris Sluty and is funded by Polaris Partners, Toba Capital, and a host of strategic investors from the technology and finance industries. FloQast is headquartered in Sherman Oaks, CA.
Find out more at FloQast.com