Rillet Raises $100M Series C at $1B Valuation
AI accounting startup Rillet has raised a $100 million Series C round, valuing the company at $1 billion. The funding was led by Iconiq Capital with participation from returning investors Andreessen Horowitz and Sequoia. Emerging from stealth in 2024, Rillet is gaining traction as one of the fastest-growing AI startups in enterprise resource planning (ERP). Its software uses artificial intelligence to help finance professionals manage company books automatically. The startup has doubled its annual recurring revenue (ARR) over three months and now serves more than 600 customers. CEO Nicolas Kopp noted that this round was not initially planned but came together quickly due to strong investor interest driven by recent milestones, including an alliance with EY and significant growth in ARR. Rillet has raised over $200 million since its inception, having previously secured a $70M Series B led by Iconiq last year and a $25M Series A from Sequoia. The rapid fundraising highlights the ongoing enthusiasm among investors for AI startups disrupting traditional SaaS models like NetSuite.
Topics: AI Enterprise Software Startups Venture Capital