The company’s software automates ledger management by continuously pulling financial data from platforms like Salesforce and Brex. This rapid scaling has attracted over 600 corporate customers, with the firm reporting a doubling of annual recurring revenue over the last three months. Co-founder and CEO Nicolas Kopp noted that the funding round was not originally planned, but materialized quickly following a strategic alliance with EY and surging market demand.
Rillet hits unicorn status with $100 million Series C
Less than 48 hours was all it took for AI accounting startup Rillet to secure a $100 million Series C round, pushing the company to a $1 billion valuation. Led by ICONIQ, the injection of capital arrives just two years after the firm emerged from stealth, signaling aggressive investor appetite for ERP disruption.
Seth Pierpont, a General Partner at ICONIQ, described the transition of the company’s general ledger from a static system of record into an active operating system for finance. This latest round brings Rillet’s total funding to more than $200 million, following a $70 million Series B and a $25 million Series A. As the startup targets legacy incumbents like NetSuite, the deal underscores a broader trend of venture capital pouring into AI-driven enterprise tools despite cooling sentiment in other corners of the SaaS market.
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