Rillet raises $100M Series C at $1B valuation to automate accounting
What's the deal? Rillet, an AI-native ERP platform for finance teams, has raised a $100 million Series C at a $1 billion valuation. ICONIQ led the round, with Sequoia, Andreessen Horowitz, Bain Capital Ventures, Oak HC/FTDealroom has a profile for this one. Try Dealroom →, Battery Ventures, FirstMark, Scale Venture PartnersDealroom has a profile for this one. Try Dealroom →, and Creandum participating.
Why now? It's Rillet's third raise in a year, lifting total funding past $200 million. The round ranks in the 92nd percentile among all-time Series C deals for technology companies in its market.
What's the endgame? Rillet is rebuilding the general ledger from scratch to let AI agents perform finance work in real time, with human approval and a full audit trail. Founded in 2021 by chief executive officer Nicolas KoppDealroom has a profile for this one. Try Dealroom → and chief technical officer Stelios ModesDealroom has a profile for this one. Try Dealroom →, it positions its platform to replace legacy systems such as NetSuite, SAP, Workday, and Oracle FusionDealroom has a profile for this one. Try Dealroom →.
By the numbers: Rillet doubled new annual recurring revenue in the three months before the round and now serves more than 600 customers, including public companies and AI firms such as Neuralink, Skild AIDealroom has a profile for this one. Try Dealroom →, and Mercor. It says Mercor's finance team of three scaled the company past $2 billion in ARR using Rillet's agents.
Where next? After proving the platform with tech and AI companies, Rillet is expanding into biotech, healthcare, fintech, logistics, and professional services. It is targeting large enterprises that run legacy accounting software.
What could go wrong? Rillet faces competition. Campfire, founded in 2023, has raised roughly $100 million from Accel and Ribbit and bills itself as a "modern version of NetSuite," while Puzzle and Digits offer simpler bookkeeping for early-stage startups.
The signal: The global ERP software market was valued at $92.6 billion in 2025 and is growing around 13% a year. Investors are betting that finance teams a fraction of their traditional size, working alongside AI agents, will define the next generation of accounting software.
Read more: Rillet · Tech Funding News · BusinessWire
Image credit: Rillet
