Rillet Raises $100M Series C at $1B Valuation, Its Third Raise in a Single Year

Rillet, the AI native accounting platform for finance teams, has raised 100 million dollars in Series C funding led by ICONIQ, pushing its valuation to 1 billion dollars just two years after the company emerged from stealth.

Returning investors Sequoia Capital, Andreessen Horowitz, and Oak HC/FT all participated in the round, joined by new backers Bain Capital Ventures, Sequoia Global Equities, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum. The round marks Rillet's third fundraise within roughly 14 months and brings its total capital raised to more than 200 million dollars. ICONIQ general partner Seth Pierrepont is joining Rillet's board as part of the deal.

The pace behind this raise has become something of a hallmark for the company. Rillet closed a 25 million dollar Series A led by Sequoia, followed roughly ten weeks later by a 70 million dollar Series B led by ICONIQ and Andreessen Horowitz, and has now closed its Series C within the same twelve month stretch. Chief executive and co‑founder Nicolas Kopp said on social media that the company had not originally been planning to raise again so soon, but investor interest accelerated quickly given how much had changed since the Series B, including a new alliance with professional services firm EY and a sharp jump in both revenue and customer count. According to Kopp, the round came together in less than 48 hours once discussions began in earnest.

Rillet was founded in 2021 by Kopp, who holds a master's degree in accounting from the London School of Economics, spent five years at Morgan Stanley, and later led N26's operations in the United States, alongside chief technology officer Stelios Modes, who previously built payment infrastructure at N26. The company emerged from stealth in 2024 and has built a team that includes more than 50 certified public accountants drawn from Big Four accounting firms alongside veterans of legacy enterprise resource planning companies.

The platform's core pitch is that accounting software should be built AI native from the ground up rather than having AI features layered onto decades old architecture. Rillet automatically and continuously pulls financial data from connected systems such as Salesforce and Brex, aiming to replace the traditional month end close process, which can take finance teams days or weeks, with continuously updated books maintained in real time. The company describes its longer term product direction as Accounting Superintelligence, an approach in which AI agents handle increasingly complex finance work directly inside a live general ledger alongside human finance professionals, rather than functioning as a separate assistant layered outside the core system of record.

One customer example the company points to repeatedly is Mercor, where Rillet says its AI agents help a three person finance team support a business that has scaled past 2 billion dollars in annual recurring revenue, a ratio of headcount to revenue that would have been unthinkable under traditional accounting software and processes. ICONIQ's Pierrepont pointed to that dynamic directly in describing the firm's investment thesis, noting that what stood out was seeing multi‑billion dollar businesses operating with finance teams a tenth the size of what such companies traditionally required, closing their books on a continuous rather than periodic basis.

Rillet says it more than doubled new annual recurring revenue over the past three months alone and now serves more than 600 customers, spanning publicly listed enterprises alongside some of the fastest growing AI companies operating today. Having proven its platform initially among technology and AI native companies, Rillet is now expanding into new verticals including biotech, healthcare, fintech, logistics, and professional services, sectors where large enterprises are actively looking to replace legacy systems such as Oracle Fusion, SAP, Workday, Microsoft Great Plains, and NetSuite.

The company is not alone in targeting that shift. Competitor Campfire, founded in 2023, has raised roughly 100 million dollars from Accel and Ribbit and positions itself as a modern alternative to NetSuite, while startups Puzzle and Digits are targeting simpler bookkeeping needs for earlier stage companies. The broader market opportunity remains substantial regardless of how the competitive landscape shakes out, with the global ERP software market valued at 92.6 billion dollars in 2025 and continuing to grow at roughly 13 percent annually, a backdrop that has investors increasingly betting that finance teams a fraction of their traditional size, working directly alongside AI agents, will define the next generation of enterprise accounting software.

With its new capital, Rillet plans to expand its agentic finance platform further, deepen its work with accounting and auditing firms following its EY alliance, and continue building toward AI systems capable of operating reliably within the compliance, controls, and audit requirements that large enterprises depend on. Whether Rillet can sustain the extraordinary pace of both its fundraising and its customer growth as it moves deeper into more heavily regulated and operationally complex industries will be a key test of whether its AI native approach to accounting can scale as effectively outside the tech sector as it has within it.