FloQast, a Los Angeles-based accounting operations platform, raised $100M in Series E funding at a $1.6 billion valuation.

The round was led by ICONIQ Growth, with participation from BDT & MSD Partners, WiL (World Innovation Lab), Meritech Capital, and Sapphire Ventures. ICONIQ’s Roy Luo joined the Board of Directors.

The funds will be used to enhance R&D for new solutions aimed at improving workflows in the office of the controller, focusing on AI-driven innovations and global expansion.

Led by CEO Mike Whitmire, FloQast serves over 2,600 accounting teams, including Twilio, Zoom, and Snowflake. The platform helps streamline financial close processes, compliance, and accuracy in accounting functions.