Back in January, I wrote about the five most important topics founders should cover in their conversations with VCs when looking for funding. The first subject out of the gate was about pain points: What is the pain you are addressing? How acute is it? Who is hurting and how uniquely qualified is your product or service to cure the problem?
At the time I wrote the piece, we were exploring an investment in a company that had the right answers to all of these questions. Today we are proud to welcome FloQast as the newest partner in our Polaris portfolio.
FloQast helps accounting teams streamline the antiquated processes and systems typically used for managing the accounting function, specifically closing the books and audits. They have built an elegant cloud-based system that is automated, integrated, and designed to work seamlessly in existing environments, making it extremely cost efficient to implement and use. With ever increasing financial regulations including SOX compliance, our country’s accounting departments are in urgent need of solution to get more done, faster — but with fewer resources. And they are finding that FloQast is the solution they cannot live without.
Beyond the acute problem the FloQast team is solving, we were drawn to this investment based on a number of other drivers including team and traction. The very reason the product is so intuitive is because the founders possess domain expertise that is second to none. Self-described “audit and accounting nerds” CEO Mike Whitmire and COO Chris Sluty are both experienced CPAs who have walked in the shoes of their customers for years. They are maniacally focused on the user experience and, as a result, FloQast’s Net Promoter Score (NPS) of 80 is off the charts.
Given the attention focused on the right solution, we were not surprised to see the early traction FloQast has achieved. The platform is well positioned to be the system of record for accounting departments nationwide, with opportunities to expand functionality to other disciplines and processes that weigh heavily on finance organizations.
At Polaris we are drawn to B2B vertical SaaS opportunities that improve processes in desperate need of disruption. FloQast is squarely in our sweet spot. I look forward to joining the Board and helping this company scale with its go-to-market strategy.