AI-operated accounting startup Campfire Announced on Monday that it raised $ 35 million from series or led by Accel, with the participation of Foundation Capital, Y Combinator, Capital49, and Angel Investors including CFO Dan Kang of Mercury.
“After nine months of formation, we had customers [with] North of 100 employees taking out Netsuite and putting fire, “John Glasgow, founder’s general manager, said. Some of Campfire’s clients who migrated from Netsuite include rich management platform advisers360, construction software -Start Rhumbix, and Customer Expert Company Fooji, Campfire says.
This was partly, because Glasgow was present in the summer of 2023, despite being decisively more experienced than the typical 20-IO YC founder. He described the old difference with a fun story: during an event of YC Bingo, “one of the binges was” to find someone who is a parent, “and I was the hot commodity at YC Bingo.”
Glasgow has already had a decade and a half career in finance working for Fidelity, Union Square Advisors, and others. When his manager of Adobe left to arrange an accelerated starting start called Fakice2Go, he took Glasgow with him. Less than a year later, in the fall of 2021, Bill.com Purchased bill2Go for about $ 625 million.
Glasgow continued with the money and idea to build its own startup, one that would automate the effort in finance as reconciled payments for bills, revenue forecasts, and – the part he discovered during the bill2Go agreement – owed diligence for M&A.
He launched Campfire in 2023 for UPEND 1990s Eray Enterprise Resource Planning Accounting Software (ERP) as a netsuite with an LLM-powered alternative.
Campfire does things like automatically listing and reconcileing AWS -cloud computer bills. It generates detailed cash analysis, skills and answers to questions of natural language promises.
“One of our clients went from 15-day to three-day closing when they tore netsuite and put fire,” he says about the time to finish the books monthly.
YC’s famous approach to other cohort matches helped him country technological startups as customers such as replica and replica.
While Campfire is only GNAT with respect to his effect on Oracle billion-dollar (and growing) unpaved businessThe start -up gained enough customers to prove its competitive plaid.
At its seed stage, Campfire has grown to about 100 customers and is now up to 12 employees including Glasgow said, one global customer on a road to make $ 250 million Arr.
“I surprised myself that there are companies of this size that trusted their entire ERP to a 10-person, seed stage project,” John Locke of Accel, who supported a bill2Go2Go, told Techcrunch about what attracted him with Campfire.
Locke typically invests at the growth stage. But considering that kind of “pulling out of the gates” and total ERP -software market of $ 56 billion in 2024, According to some reports of market researchLocke entered to lead the A. and he was in great.
“[The] AI ERP trade is massive, and we think John is really the right person to do it. So why don’t we do $ 30 [million] to $ 35 million series A, and really looking for it? “He said to Glasgow and his partners.
Correction: This story originally identified Mercury as a client when it is not.
