Elevating Value and Insight to the Office of the CFO: Coupa Ventures Investment in FloQast
Digital transformation efforts in the back office bring scale and insights that CFOs need to be true operational and strategic business partners. CFOs are required to work hand in hand with the CEO to set strategy, manage spend, and they are responsible for compliance and ongoing reporting activities. Tighter connection from Business Spend Management into cyclical processes including financial close, reporting, budgeting, and planning is key to more efficient financial leadership. With those synergies in mind, we are excited to announce our newest Coupa Ventures investment in FloQast, a provider of accounting workflow automation software.
Transforming the Office of CFO
The Office of the CFO is a key category of investment for Coupa Ventures, including the next generation of tools for finance to drive visibility and value. By elevating above the general ledger, FloQast can accelerate accounting processes, help collaborate anywhere (including work from home use cases), and drive new insights for accounting and finance teams.
Like in the early days of Coupa, FloQast is moving organizations out of simple spreadsheets and emails, and replacing them with visibility and actionable insights. While this enables faster closing of the books, it also elevates the activities of the accounting and finance team. FloQast provides enhancements to compliance and audit readiness, improves clarity over work ownership and status, and provides a single source of truth over key data that should live in the cloud. To help make the office of the CFO be an operational and strategic partner, you need to be rooted in everything happening in the company — FloQast materially helps that objective.
As a former partner at a Big 4 accounting firm and now at Coupa, I have seen the power of FloQast from both sides of the table. Coupa has been a customer of FloQast for two year-end close processes. It has helped us efficiently scale as our finance organization has expanded in new locations and allows our team to focus on driving measurable value rather than chasing status updates and approvals.
Expanding investment partners
FloQast’s Series D funding is led by Meritech Capital and Redpoint Ventures, with George Bischof of Meritech joining FloQast’s Board of Directors. George and Meritech Capital invested in Coupa during our Series F funding, and we are excited to work together again. Meritech Capital joins other well-known industry investors such as Bessemer Venture, Menlo Ventures, Baird Capital, and Draper Associates, from prior Coupa Ventures investments to work together to offer our portfolio companies unique benefits, access, and exposure.