Fueled by a Successful Series D Funding Round and Hiring Campaign, FloQast Continues Building Momentum Throughout Q4 with Massive YoY Growth Rate
LOS ANGELES, Feb. 03, 2022 (GLOBE NEWSWIRE/Knowledge Bylanes) — FloQast, a provider of accounting workflow automation software created by accountants for accountants, today announced its Q4 and 2021 metrics, concluding a milestone year highlighted by international expansion, new product and company initiatives, industry accolades, and the biggest growth the company has seen since its launch. The company reported 97% year-over-year growth in annual recurring revenue (ARR) for the quarter, as well as 153% year-over-year growth in net new ARR for 2021. Further, with more than 1,500 customers globally, FloQast added 171 new customers in Q4. These milestones stem from the recent $110 million Series D funding, led by Meritech Capital, and further the company’s leadership role in workflow automation technology.
“This past year, FloQast experienced exceptional growth across the board – including funding, product and platform launches, customer acquisition and more – making this one of the most important and successful years for the company since we were founded,” says Mike Whitmire, inactive CPA, co-founder and CEO at FloQast. “This growth is a testament to the critical advances taking root across the accounting industry and highlights FloQast’s ability to deliver next-generation technology to usher in a new era of modernization and change.”
Over the course of 2021, FloQast experienced milestones in several key areas:
- A successful $110 million Series D funding round, led by Meritech Capital, and a valuation of $1.2 billion, making the company a “unicorn workflow solution provider.”
- The receipt of 36 G2 badges in 2021, including:
- #1 Leader in the G2 Momentum Grid, Fall 2021 and Winter 2022 Leader, Users Love Us, High Performer in Enterprise, Leader in Mid Market, and Winter 2022 Momentum Leader.
- Notable Q4 customer acquisition includes prominent names such as Atmosphere TV, Demandbase, Valo Health, BioLegend Inc., Black Rock Coffee, Shenandoah Valley Organic, and more.
- The launch of several new initiatives, tools and programs, including:
- FloQast Ops, a new workflow manager solution that addresses upstream and downstream financial functions to deliver greater control and transparency across accounting operations.
- FloQast ReMind, a new request management workflow add-on that automates manual tasks and delivers new levels of visibility across the close process.
- FloQast Studios, a full-scale production arm of FloQast designed to create entertaining, engaging, and educational content by accountants for accountants.
- Partnership with Donnelley Financial Solutions (NYSE: DFIN) to transform the financial close and reporting processes, especially for companies planning to go public.
- Notable growth in EMEA including:
- The opening of FloQast’s London-based office.
- 68 new customers – notable Q4 logos include Revolut, Babylon Health, Watches of Switzerland, and Ironsource.
- The appointment of several new executives to drive FloQast’s success in 2022 and beyond, including:
- The hosting of TakeControl 2021 in September, FloQast’s third-annual user conference, drawing more than 2,000 industry professionals and recognizing world-class accounting professionals and FloQast customers excelling in their pursuit of operational excellence.
- The receipt of several high caliber awards and accolades, such as inclusion in Built In’s Best Place to Work list for the fourth year in a row, being named one of the Best Workplaces in the Country by Inc. Magazine, and one of the Best Places to Work by the Los Angeles Business Journal.
- Reaching 1,000 users in the FloVerse, an online community platform for FloQast customers to network and collaborate.
This growth and momentum is made possible by FloQast’s community of employees who are committed to making accountants and financial leaders’ lives easier and more productive. Despite the challenges faced over the past two years during the pandemic, the company continues to excel in its performance, a credit to the team’s commitment to customer service and excellence in pursuit of FloQast’s overarching vision.
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,500 accounting teams – including Twilio, coinbase, Los Angeles Lakers, Zoom, and snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month-end close, financial reporting, and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com.
FloQast Director of Corporate Communications