Accounting software developer FloQast Inc. raised $25 million in a second round of funding and will use the money for expansion to foreign markets and product innovation.
Co-founder and Chief Executive Michael Whitmire said the new funding will accelerate the company’s growth by adding to the product portfolio and by helping the company expand internationally.
“We’ve got the team, product, expertise and backing to build the next great fintech software company,” Whitmire said in a prepared statement.
Insight Venture Partner, in New York, led the investment round for the Sherman Oaks-based company and was joined by current investors Toba Capital in San Francisco and Polaris Partners in Boston. Insight Venture Vice President Harley Miller joins the FloQast board of directors.
Founded in 2013, FloQast offers a software application that allows finance professionals to collaborate, organize documents and automate some tasks, such as closing out financial books and reconciling accounts.