Rillet, an AI-powered accounting startup, announced on Tuesday a $100 million Series C funding round, valuing the company at $1 billion. The round was led by Iconiq, with participation from existing investors Andreessen Horowitz and Sequoia. This milestone comes just two years after Rillet emerged from stealth in 2024, positioning it as a rising force in the enterprise resource planning (ERP) sector.
Rillet's platform leverages artificial intelligence to assist finance teams in managing corporate books. It can automatically and continuously pull data from sources such as Salesforce and Brex, streamlining financial operations.
The startup reports over 600 customers and claims its annual recurring revenue (ARR) has doubled in the past three months. Co-founder and CEO Nicolas Kopp stated on X that the Series C round came together in "less than 48 hours." He noted that the company had not planned to raise funds, but investor interest surged following recent developments, including a strategic alliance with EY and significant growth in ARR and customer adoption.
"A year ago, we backed a bold vision for Rillet: that the general ledger could become more than a system of record and instead the operating system for finance," said Seth Pierrepont, General Partner at ICONIQ, in a statement shared with TechCrunch. "That vision is now reality."
This latest funding follows a $70 million Series B round last year, led by ICONIQ and Andreessen Horowitz, and a $25 million Series A led by Sequoia in May 2025. To date, Rillet has raised over $200 million. The rapid fundraising trajectory underscores the intense investor appetite for AI startups, particularly those poised to disrupt legacy SaaS providers like NetSuite. While reports of a "SaaSpocalypse" may be exaggerated, the momentum behind AI-driven enterprise solutions suggests a significant shift is underway.
This article was updated.
via TechCrunch