US-based accounting automation software developer FloQast received $110m in series D funding on Wednesday at a $1.2bn valuation from investors including business spending management software provider Coupa.
The round was led by venture capital and private equity firm Meritech Capital and also featured Redpoint Ventures, Sapphire Ventures, Insight Partners, Polaris Partners and Norwest Venture Partners, while Coupa participated through corporate venturing fund, Coupa Ventures, which was unveiled last month.
FloQast was founded in 2013 and markets cloud-based and artificial intelligence-enabled software used by accountants to automate and streamline their work processes.
The company claims its software has been used by more than 1,400 accounting teams at businesses such as ride hailing service provider Lyft and video conferencing platform operator Zoom.
The proceeds of the series D round will support the further development of FloQast’s accounting workflow offering. It will also use the funding for recruitment, global partnerships and customer acquisition activities.
FloQast had raised a total of $93m in equity funding as of January 2020, when it closed a $40m series C round led by Norwest Venture Partners that also featured Insight Partners and Polaris Partners.
Insight Partners, then known as Insight Venture Partners, led the company’s $25m series B round in 2017. The round was also backed by Toba Capital and Polaris Partners, which had co-led FloQast’s $6.5m series A round in 2016 with backing from Amplify LA, Wavemaker Partners and Danmar Capital.
The company had raised $1.3m in a 2014 round led by Toba Capital that included Amplify LA, Wavemaker Partners (then Siemer Ventures), Danmar Capital and assorted angel investors. It had previously received $50,000 from investors including Amplify LA, FloQast co-founder Mike Whitmire and his family.