Rillet Secures $100 Million in Series C Funding at $1 Billion Valuation

AI accounting startup Rillet has announced a $100 million Series C funding round at a $1 billion valuation, led by ICONIQ. Returning investors include notable firms such as Andreessen Horowitz and Sequoia. Since emerging from stealth in 2024, Rillet has positioned itself as a significant player in the enterprise resource planning (ERP) sector.

The company’s AI-driven software assists finance professionals in managing company financial records, with capabilities to automatically and continuously extract data from platforms like Salesforce and Brex. Currently, Rillet boasts over 600 customer companies and reports that its annual recurring revenue (ARR) has doubled in the last three months.

Nicolas Kopp, co-founder and CEO of Rillet, stated on X that this funding round was assembled in “less than 48 hours.” Although the company had not intended to raise additional capital, heightened investor interest arose due to significant developments since their previous funding round, including a partnership with EY, as well as the growth in ARR and customer base.

Seth Pierpont, General Partner at ICONIQ, commented, “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. That vision is now reality.”

Prior to the Series C, Rillet secured $70 million in a Series B round last year, led by ICONIQ and Andreessen Horowitz, followed by a $25 million Series A led by Sequoia. To date, the company has raised over $200 million. The swift growth of AI startups and their ability to attract substantial funding underscores the strong investor enthusiasm for AI solutions, particularly those targeting traditional SaaS providers like NetSuite.