A North Hollywood startup that helps accountants close the books has received $1.3 million in financing.
FloQast, founded in June 2013, said the funding was led by Toba Capital, a San Francisco venture capital firm. Amplify LA, Siemer Ventures, Danmar Capital and various LA Angel investors also participated.
FloQast offers a software application that allows finance professionals to collaborate, organize documents and automate some tasks, among other features.
“If you look at the world of labor-intensive business processes, almost all have been made more efficient with a software solution,” said co-founder and Chief Executive Michael Whitmire, in a statement. “The month-end close is one of the last remaining, which is especially shocking considering the complexity of the close, the general importance of accurate financial statements and the eventual cost of a sloppy audit.”
The company also announced it is launching two new products, its Intacct and NetSuite integrations, which centralize supporting documents with the trial balance.
FloQast previously received $50,000 in seed financing from Los Angeles startup accelerator Amplify. The company said it has 10 customers.