Prime Highlights :
- Rillet raised $100M Series C at $1B valuation, led by ICONIQ.
- Company doubled ARR in three months; now serves 600+ customers.
Key Facts :
- Total funding tops $200M across three funding rounds.
- CEO says $100M round closed in under 48 hours
Background :
Accounting startup Rillet has raised $100 million in a Series C round that values the company at $1 billion. ICONIQ led the investment, with returning backers Andreessen Horowitz and Sequoia also participating.
Rillet builds AI-driven enterprise resource planning software that helps finance teams manage company books, automatically and continuously pulling data from tools such as Salesforce and Brex. The company emerged from stealth roughly two years ago and has quickly become one of the more closely watched AI startups aiming to challenge legacy ERP providers such as NetSuite.
The company said it now serves more than 600 customers and has doubled its annual recurring revenue over the past three months. Its co-founder and chief executive said the round came together in under 48 hours and was not originally planned, noting that interest grew following a recently announced alliance with professional services firm EY, as well as the sharp rise in revenue and customer numbers.
An ICONIQ general partner said the firm backed Rillet’s vision a year ago that the general ledger could become more than a system of record and instead serve as the operating system for finance, adding that this vision has now become reality.
Rillet previously raised a $70 million Series B round led by ICONIQ and Andreessen Horowitz, following a $25 million Series A round led by Sequoia. The company has raised more than $200 million to date.
The swift pace of the raise underscores investors’ continued appetite for AI startups positioned to disrupt established enterprise software providers, amid broader questions about how long the investment wave can last.