AI-powered accounting startup Campfire introduced Monday that it has raised a $35 million Collection A led by Accel, with participation from Basis Capital, Y Combinator, Capital 49, and angel traders together with Mercury’s CFO Dan Kang.
“Inside 9 months of formation, we had clients [with] north of 100 staff ripping out NetSuite and placing in Campfire,” founder CEO John Glasgow mentioned. A few of Campfire’s clients which have migrated from NetSuite embody wealth administration platform Advisor360, building software program startup Rhumbix, and buyer expertise firm Fooji, Campfire says.
This was, partially, as a result of Glasgow attended YC in the summertime of 2023, regardless of being decidedly extra skilled than the everyday 20-something YC founder. He described the age distinction with a comic story: Throughout a YC bingo occasion, “One of many bingos was ‘discover somebody that’s a father or mother,’ and I used to be the new commodity at YC bingo.”
Glasgow already had a decade and a half profession in finance working for Constancy, Union Sq. Advisors, and others. When his supervisor from Adobe left to run an Accel-backed startup known as Invoice2go, he took Glasgow with him. Lower than a 12 months later, within the fall of 2021, Invoice.com purchased Invoice2go for about $625 million.
Glasgow wound up with each the money and an thought to construct his personal startup, one that may automate the drudgery in finance like reconciling funds on payments, income forecasts, and — the half he found in the course of the Invoice2go deal — due diligence for M&A.
He launched Campfire in 2023 to upend Nineties-era enterprise useful resource planning accounting software program (ERP) like NetSuite with an LLM-powered various.
Campfire does issues like mechanically itemize and reconcile AWS cloud computing payments. It generates detailed money stream evaluation, charts, and solutions to questions from natural-language prompts.
“One among our clients went from a 15-day to a three-day shut after they ripped out NetSuite and put in Campfire,” he says concerning the time to finalize the books every month.
YC’s famed entry to different cohort alums helped him land tech startups as clients like Replit and Replo.
Whereas Campfire is only a gnat by way of its affect on Oracle’s billion-dollar (and rising) NetSuite enterprise, the startup gained sufficient clients to show its aggressive plausibility.
At its seed stage, Campfire grew to round 100 clients, together with, Glasgow mentioned, one international buyer on monitor to do a $250 million ARR. Campfire is now as much as 12 staff
“I used to be stunned that there have been companies of this dimension that had been trusting their entire ERP to a 10-person, seed-stage challenge,” Accel’s John Locke, who had backed Invoice2Go, informed TechCrunch of what had enticed him with Campfire.
Locke sometimes invests on the progress stage. However provided that form of “traction out of the gates” and a complete ERP software program market of $56 billion in 2024, based on some market analysis stories, Locke was in to guide the Collection A. And he was in massive.
“[The] AI ERP enterprise is very large, and we expect John is absolutely the precise individual to do it. So why don’t we do a $30 [million] to $35 million Collection A, and actually go for it?” he informed Glasgow and his companions. In order that they did.
Correction: This story initially recognized Mercury as a buyer when it isn’t.
