The Van Nuys accounting software developer will use the money to accelerate accounting workflow innovation, expand its roster of customers and partners and scale its payroll to support growth, the company said in a release on Wednesday.
Along with Meritech Capital, other new investors include Redpoint Ventures in Menlo Park, Sapphire Ventures in Palo Alto and Coupa Ventures in San Mateo as well as prior investors including Insight Partners in New York, Norwest Venture Partners in San Francisco and Polaris Partners in Waltham, Mass.
FloQast Chief Executive Mike Whitmire said that customers continue to drive the company’s workflow innovation by finding new applications for its technology.
This, coupled with the growing importance of finance and accounting in digital businesses, requires controllers to become more operationally involved than ever before, Whitmire added.
“As a result, FloQast is perfectly positioned to deliver the next generation of accounting and finance modernization without disrupting the critical core work that these professionals must deliver every day,” Whitmire said in a statement.
FloQast serves more than 1,400 customers globally and is the fastest-growing provider of accounting workflow automation software, the company said in its release.