Summary:
Rillet secures $70M in Series B funding led by Andreessen Horowitz and ICONIQ
Valuation estimated at $500M, with total funding now over $100M
AI-powered platform automates accounting, reducing book closing from weeks to hours
Doubled annual recurring revenue in just 12 weeks, showcasing rapid growth
Plans to expand team and accelerate platform development with new funding
Rillet, a pioneering startup in AI-powered accounting software, has successfully raised $70 million in a Series B funding round. This significant investment was co-led by heavyweight venture capital firms Andreessen Horowitz and ICONIQ, marking a bold step towards disrupting the accounting software industry, currently dominated by giants like Oracle and Microsoft.
The Funding Round
- The startup's valuation remains undisclosed, though sources hint at around $500 million.
- Notable participants include Sequoia, Oak HC/FT, and FOG Ventures.
- This funding comes just two months after Rillet secured $25 million, bringing its total funding to over $100 million.
What Sets Rillet Apart?
Founded by Nicolas Kopp, former U.S. head of digital bank N26, Rillet specializes in AI-powered ledger software designed to automate accounting tasks for businesses. With over 200 customers, including AI-assisted coding tool Windsurf and e-commerce marketing platform Postscript, Rillet is making waves.
Innovative Features
- Automated Accounting: The platform enables finance teams to close books in hours instead of weeks, thanks to seamless integrations with systems from Salesforce, Stripe, and Brex.
- AI-Driven Insights: Unlike traditional "dumb databases," Rillet's platform uses AI to automate tasks and provide real-time insights, revolutionizing how companies manage their finances.
Growth and Future Plans
- Doubled Annual Recurring Revenue: In just the past 12 weeks, Rillet has seen its annual recurring revenue double, a testament to its rapid growth and market acceptance.
- Strategic Partnerships: The startup has formed alliances with accounting firms like Armanino and Wiss, further solidifying its position in the industry.
- Expansion Goals: The fresh funds will accelerate platform development and team expansion, with a focus on hiring more engineers to drive innovation.
Leadership and Vision
Andreessen Horowitz's Alex Rampell and ICONIQ's Seth Pierrepont are joining Rillet's board, bringing their expertise to guide the startup's ambitious journey ahead.
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