Rillet, a startup building AI-native accounting software, has raised a $100 million Series C at a $1 billion valuation, vaulting it to unicorn status two years after it emerged from stealth, TechCrunch reports. Iconiq led the round, which came together in under 48 hours, with returning investors Andreessen Horowitz and Sequoia participating. The company has now raised more than $200 million in total.
Founded by chief executive Nicolas Kopp, who previously ran the U.S. business of European digital bank N26, Rillet builds its product around the general ledger, the core record-keeping system at the heart of company accounting. Rather than requiring finance teams to key in data by hand, the platform automatically pulls information from systems such as Salesforce and Brex, using AI to automate work that has traditionally consumed accountants' time during the monthly close.
Traction has been rapid. Rillet says its annual recurring revenue doubled in the past three months and that more than 600 companies now run on the platform. Seth Pierrepont, a general partner at Iconiq, said the firm invested behind the idea that the general ledger could become more than a system of record and serve instead as the operating system for finance, a vision he argued is now becoming reality.
The Series C caps a steep fundraising cadence: a $25 million Series A led by Sequoia was followed by a $70 million Series B led by Iconiq and Andreessen Horowitz. Rillet also announced an alliance with EY in April, aligning the startup with one of the Big Four accounting firms as it pushes toward larger customers.
The company emerged from stealth in 2024 into a market long dominated by legacy enterprise resource planning systems, betting that growing companies would trade entrenched incumbents for software designed from the ground up around automation. The speed of this round suggests investors believe that bet is paying off.