Rillet Raises $70M Series B for AI-Native ERP Platform
In a significant stride for financial technology, Rillet, the innovator behind an AI-native Enterprise Resource Planning (ERP) platform, has successfully closed a $70 million Series B funding round. Co-led by venture capital heavyweights Andreessen Horowitz (a16z) and ICONIQ, this latest investment propels Rillet’s total funding to over $100 million in less than a year, underscoring strong investor confidence in its vision to revolutionize enterprise accounting. The round also saw participation from notable firms including Sequoia, Oak HC/FT, FOG Ventures, and earlier investors, along with key angel investors such as former NetSuite CFO Ron Gill.
The traditional ERP landscape, often characterized by decades-old, “dumb database” systems, has long presented a significant bottleneck for modern finance teams. These legacy solutions, including those from industry giants like Oracle and Microsoft, are frequently cumbersome, slow, and demand extensive manual intervention, leading to prolonged financial closes and delayed insights. Rillet was founded in 2021 by Nicolas Kopp, former US CEO of N26, and Stelios Modes, formerly of ThoughtWorks, who experienced these frustrations firsthand while scaling the neobank N26. Their shared conviction was that a better way existed, leading them to rebuild enterprise accounting from the ground up.
Rillet’s platform is designed as an AI-native ERP, meaning artificial intelligence is embedded directly into its core architecture, not merely bolted on. It redefines financial systems by starting with native integrations that funnel structured data into a “smart general ledger.” This allows AI to automate complex workflows natively, empower real-time collaboration among finance teams, and deliver insightful reporting the moment transactions occur, rather than days or weeks later. The platform streamlines critical functions such as accrual accounting, revenue recognition, invoicing, and reconciliation, supporting complex revenue models and multi-entity setups. Rillet touts the ability to achieve a “zero-day close,” transforming what traditionally takes weeks into mere hours, thereby providing finance leaders with a real-time, accurate source of truth for both GAAP financials and investor metrics. It integrates seamlessly with popular business tools like Salesforce, Stripe, Ramp, Brex, and Rippling, further enhancing its utility.
The significant investment from Andreessen Horowitz and ICONIQ signals a strong belief in Rillet’s disruptive potential. As part of the funding deal, Andreessen Horowitz General Partner Alex Rampell and ICONIQ General Partner Seth Pierrepont will join Rillet’s board, bringing invaluable strategic guidance. Seth Pierrepont noted that Rillet’s “AI-native approach can give companies a clear edge: faster insights, leaner teams, and smarter decisions,” predicting it will become “foundational infrastructure for the next generation of category-defining businesses.”
Rillet has already demonstrated impressive traction, having signed over 200 customers since its launch and doubling its Annual Recurring Revenue (ARR) in just the past 12 weeks. The company is processing billions of transactions and has formed strategic partnerships with leading accounting firms like Armanino and Wiss. Fast-growing companies and unicorns such as Postscript, Windsurf, Bitwarden, and Decagon are among its clientele, leveraging Rillet to scale their operations and modernize their finance stacks. The new capital will be deployed to accelerate product development, expand go-to-market efforts, and bolster customer support functions, with a particular focus on hiring more engineers.
The broader market is witnessing a profound shift as AI permeates ERP systems, transforming financial operations by enhancing forecasting accuracy, automating manual processes, and enabling intelligent planning and reporting. Rillet is at the forefront of this evolution, offering a solution for ambitious companies that recognize the critical link between efficient finance and sustained growth. By providing an accounting platform built by accountants for accountants, Rillet aims to free finance professionals from tedious, repetitive tasks, allowing them to focus on strategic initiatives and drive business growth through data-centric decisions.