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We are grateful and excited to announce our continued partnership with FloQast as we lead the company’s Series E financing!
At ICONIQ Growth, we have long observed that finance teams face a vast array of growing challenges, ranging from a complex and constantly evolving compliance and regulatory environment to increasing demands for faster and more accurate financial reporting. Despite the increase in complexity and sheer workload, numerous teams are still using spreadsheets, email, and legacy solutions. The struggles from a lack of automation are further compounded by the significant shortage of finance and accounting talent today, resulting in teams that are constantly stretched thin.
Over the past decade, we’ve consistently partnered with founders building solutions to address these challenges and have been fortunate to work with numerous businesses in the “office of the CFO.” In FloQast, we found an incredible team that has built an end-to-end Finance and Accounting Operations platform that is transforming the way these teams work. FloQast’s platform supports accounting teams by enabling them to automate key pieces of their workflow to stay coordinated, efficient, and close the books faster.
When we first met the dynamic founding team of Mike Whitmire, Chris Sluty, and Cullen Zandstra, it was immediately clear that they have a profound understanding of the challenges finance teams face. Mike and Chris both have backgrounds as former accountants and auditors, uniquely positioning and motivating them to alleviate the pain they had experienced first-hand. This mission-driven focus, coupled with Cullen’s technical vision and the group’s entrepreneurial spirit, give them a differentiated perspective on the obstacles and inefficiencies in today’s financial processes.
FloQast has developed a powerful and robust platform with product suites ranging from the core FloQast Close Management solution to Reconciliation Management, Variance Analysis, ReMind, Ops, and others that seamlessly integrate to address these longstanding challenges head-on. The recent launch of FloQast’s Compliance Management is a further testament to the team’s product velocity and visionary roadmap, which we believe has strong alignment with market needs. The integration of FloQast Compliance Management with Close Management has transformed the extent to which customers are able to automate key controls and processes, and is a step-change improvement relative to existing compliance solutions.
In talking with FloQast’s customers, we continually hear that the company’s unified platform is not only streamlining month-end close, but also improving processes and organization by increasing collaboration and visibility, giving accounting teams an unprecedented level of confidence. FloQast’s customer-centric approach extends beyond just its product; it's embodied in the company's culture and the way it engages with its user base. We continue to hear from Chief Financial Officers, Chief Accounting Officers, controllers, and accounting managers alike that FloQast is the gold standard. Its flexibility, integration with Excel, intuitive user interface, and ease of implementation are all market-leading. It is clear why FloQast has an impressive, growing list of customers – we believe this is truly an exceptional business.
We are thrilled to partner with Mike, Chris, Cullen, and the entire team to support FloQast on its mission to drive greater integration and automation across end-to-end finance workflows. Together, with our new partners at BDT & MST Partners, WiL (World Innovation Labs), and our existing partners at Sapphire Ventures and Meritech, we’re excited to lock arms and enter an incredible journey together in pursuit of all the milestones ahead!
Published:
April 10, 2024
