AI accounting startup Rillet raises $70 million in series B round led by Andreessen Horowitz and ICONIQ
Rillet, a startup specializing in AI-powered accounting software, has raised $70 million in a Series B funding round co-led by venture capital giants Andreessen Horowitz and ICONIQ, signaling a bold attempt to shake up an industry long dominated by legacy players like Oracle and Microsoft. While the company did not publicly disclose its valuation, a source familiar with the deal said it is now valued at approximately $500 million.
The latest round follows a $25 million fundraise just two months earlier, bringing Rillet’s total funding to more than $100 million. Other notable investors in the round include Sequoia, Oak HC/FT, and FOG Ventures, News.Az reports, citing Reuters.
Founded by Nicolas Kopp, the former U.S. head of digital bank N26, Rillet builds AI-driven ledger software designed to automate routine accounting tasks. The company already serves over 200 customers, including AI-assisted coding tool Windsurf and e-commerce marketing platform Postscript. Its platform allows finance teams to close their books in hours instead of weeks by integrating seamlessly with systems such as Salesforce, Stripe, and Brex.
Kopp told Reuters that Rillet’s mission is to replace outdated systems that function merely as “dumb databases.” Instead, Rillet offers a platform that ingests data directly and uses artificial intelligence to automate workflows while delivering real-time insights. These capabilities have helped the company double its annual recurring revenue in just the past 12 weeks and secure partnerships with accounting firms like Armanino and Wiss.
Rillet plans to use the new capital to accelerate product development and expand its team, with a particular focus on hiring more engineers. As part of the funding deal, Andreessen Horowitz’s Alex Rampell and ICONIQ’s Seth Pierrepont will join the company’s board of directors.
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