Rillet raised $100 million in a Series C funding round. The investment values the AI-powered accounting startup at $1 billion. ICONIQ led the round with participation from Sequoia Capital and Andreessen Horowitz.
The company will use the capital to accelerate its disruption of legacy enterprise resource planning (ERP) systems. Rillet automates financial operations to compete directly with established software like QuickBooks, NetSuite, and SAP.
Launched publicly in 2024, the startup has attracted clients from both technology and non-technology sectors. Market demand for accounting challengers is rising, with rival startup Campfire also reportedly receiving investment offers at a $1 billion valuation.