Los Angeles based accounting software developer FloQast has raised $25m in Series B funding led by Insight Venture Partners. FloQast builds cloud-based software that helps manage accounting departments by centralizing the workflow, assigning tasks, maintaining supporting documentation and automating reconciliations.
FloQast is currently experiencing rapid growth and broad adoption of its close management software. The Company has been growing revenue at a record rate of 40% quarter-over-quarter for more than eight consecutive quarters, and is quickly becoming a mainstay technology for accounting teams at midsized and enterprise companies. In the 2017 first quarter alone, accounting teams at Accretive Solutions, E2open, JAMF, naviHealth, Rubrik, Zscaler and dozens of others selected FloQast to meet their month-end close management needs. In addition to its rapid revenue growth, FloQast enjoys a positive net churn of more than 20%, meaning each quarter, more FloQast customers expand their use of the close management solution than those who do not renew-a rare occurrence among Software-as-a-Service (SaaS) companies.