Rillet raises $100M Series C at $1B valuation — 2 years after emerging from stealth
AI-native account startup Rillet became a unicorn, led by ICONIQ after it doubled its ARR in the past three months, it said.
AI accounting startup Rillet raised $100 million in a Series C round, valuing the company at $1 billion. Iconiq led the investment, joined by returning investors Andreessen Horowitz and Sequoia. Rillet emerged from stealth in 2024 and is quickly gaining traction in the enterprise resource planning (ERP) industry. The company's AI platform automates financial book management tasks, pulling data from sources like Salesforce or Brex.
Rillet currently has over 600 customers and has doubled its annual recurring revenue (ARR) in the past three months. Co-founder and CEO Nicolas Kopp announced that the latest funding round was secured in less than 48 hours. The company wasn't planning to raise capital, but interest grew due to recent developments such as an alliance with EY and the significant increases in ARR and customer base.
Seth Pierrepont, General Partner at ICONIQ, praised Rillet's vision of transforming the general ledger into an operating system for finance. Rillet previously raised $70 million in a Series B round last year and $25 million in a Series A round earlier this year. The startup has raised over $200 million to date. The rapid growth of AI startups, and the speed at which they can secure large funding rounds, highlights the intense investor interest in AI, especially when it comes to disrupting legacy SaaS players like NetSuite.
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