Rillet funding: Every round, investor, and valuation (2026)

Rillet sells accounting software that runs a company's books. It is an ERP, the system of record where finance teams keep the general ledger, recognize revenue, pay bills, and close the month. Rillet pulls data straight from tools such as Stripe, Salesforce, HubSpot, Ramp, and Brex, then uses AI to post entries and reconcile accounts so the books stay current every day.

Rillet has raised $208.5 million across four rounds since it came out of stealth in July 2024, all of it equity. Its latest round, a $100 million Series C led by ICONIQ in August 2026, valued the company at $1 billion.

Three of those rounds came within 15 months, and each one followed a jump in sales rather than a planned fundraise. Its backers include Sequoia, Andreessen Horowitz, and ICONIQ, which are betting that AI gives buyers a reason to leave NetSuite, Sage Intacct, and QuickBooks. Let's dive into Rillet's funding history.

Rillet has raised a round roughly every year since launch, and each one has been larger than the one before. The last two were pre-emptive: investors offered the money before the company went looking for it.

Nicolas Kopp founded Rillet after running the US business of N26, the German digital bank. He built the company with co-founder Stelios Modes and kept it in stealth until July 2024, when it announced a $13.5 million seed round from New York.

First Round Capital and Creandum led the seed, with Susa Ventures joining. The angels came from finance and fintech: Kevin Hartz, the founder of Eventbrite, plus Facebook's and Stripe's former chief accounting officers and the controller of Ramp. At the time, Rillet sold mainly to software companies with subscription and usage-based pricing, and it planned to use the money to move into e-commerce and fintech.

Sequoia led the $25 million Series A in May 2025, with partner Julien Bek leading the deal. Rillet had signed nearly 200 customers in its first year of sales, including the AI coding company Windsurf and Decagon, whose own funding history runs through a16z and Accel. Bek told TechCrunch that about a third of Rillet's deals replaced NetSuite or a similar system.

Less than three months later, Andreessen Horowitz and ICONIQ co-led a $70 million Series B. Kopp said revenue had doubled in the 12 weeks after the Series A, and the round was pre-emptive. Alex Rampell of a16z and Seth Pierrepont of ICONIQ joined the board, and Rillet had raised more than $100 million in under a year.

The Series C came together the same way. Kopp shared growth figures in a board update, and investors committed $100 million within 48 hours, according to TechCrunch. Rillet said it had doubled new annual recurring revenue (ARR) in the three months before the round and had more than 600 customers.

ICONIQ led, and the cap table widened to include Bain Capital Ventures, Battery Ventures, FirstMark, and Scale Venture Partners.

Rillet's valuation roughly doubled in the year between its Series B and Series C. Neither the seed nor the Series A was priced in public.

The Series B price was never confirmed by Rillet. Reuters reported it from a person familiar with the deal, and Crunchbase News repeated it. The $1 billion Series C valuation came from the company itself, which made Rillet a unicorn about two years after it came out of stealth.

Rillet does not disclose ARR in dollars, so the revenue multiple behind that price is not public. The growth claims it has made are all relative: fivefold revenue growth in the year before the Series A, a doubling of ARR in 12 weeks before the Series B, and a doubling of new ARR in a quarter before the Series C.

The price sits in the middle of a crowded field of AI accounting startups. DualEntry raised $90 million in October 2025 at a reported $415 million valuation, and Campfire raised $100 million across its Series A and B in 2025. Rillet is the first of the group to report a $1 billion price.

Rillet's cap table is made up of venture funds and finance executives. It has no corporate or strategic investors, and its partnership with EY carries no equity stake.

ICONIQ co-led the Series B and led the Series C, making it the only firm to lead two Rillet rounds. General partner Seth Pierrepont sits on the board and called Rillet the leader in AI-native accounting software when the Series C was announced.

ICONIQ started as a family office for tech founders and now runs a growth fund that backs late-stage software and AI companies. It led Anthropic's $13 billion Series F in September 2025. It also led Ramp's June 2026 round, which puts it among the investors behind Ramp. Ramp feeds spending data into Rillet, and its controller was one of Rillet's first angels.

Andreessen Horowitz co-led the Series B and returned for the Series C. General partner Alex Rampell, who runs the firm's fintech practice, joined the board. Partner Seema Amble said at the Series B that Rillet was rebuilding ERP for the AI era.

Sequoia led the Series A and joined both later rounds. Its growth vehicle, Sequoia Global Equities, also came into the Series C. Bek told TechCrunch that backing Rillet again was an easy decision given the growth he had seen.

First Round Capital and Creandum, a Stockholm fund, led the seed. Creandum returned for the Series C, and Susa Ventures joined both the seed and the Series A.

Oak HC/FT, a fund focused on healthcare and fintech, joined in the Series B and again in the Series C. Bain Capital Ventures, Battery Ventures, FirstMark, and Scale Venture Partners first appeared in the Series C.

Rillet's angels are mostly finance leaders. Kevin Hartz backed the seed alongside former chief accounting officers at Facebook and Stripe and Ramp's controller. Ron Gill, a former NetSuite chief financial officer, and Lee Kirkpatrick, a former Twilio chief financial officer, invested in the Series A, according to Rillet's announcement.

Rillet has not disclosed how much of the company its founders or any investor own.

Rillet spends its funding on product, a partner channel, and a move up to larger customers. It has not given an itemized budget for any round.

Rillet built its own general ledger rather than adding AI on top of an older one. The company says that design lets software agents work on live books instead of last month's closing balances. Its AI layer, called Aura, answers questions about the ledger, matches bank transactions, and proposes accruals for a human to approve, with every action recorded in an audit trail.

The Series B was meant to expand those AI features and deepen integrations with billing, payments, and spending tools. The Series C pitch goes further. Rillet says it is building "the agentic operating layer for finance," a system where accountants and AI agents share the same workflows.

Rillet sells partly through accounting firms. EY announced an alliance in April 2026 aimed at companies that have outgrown mid-market ERP systems, and Rillet says it partners with more than half of Accounting Today's top 20 CPA firms. Yahoo Finance reported KPMG and RSM among them.

Fast setup is part of the sales pitch. Rillet says a move takes about four to six weeks, against six to 12 months for a legacy ERP project. Each customer it switches over means data migration work, which the partner firms help carry.

Rillet sells annual subscriptions priced by complexity, such as the number of entities, transaction volume, and integrations, rather than by user seats. It does not publish prices. ERP Research, which collects buyer data, puts the median contract at about $28,000 a year.

Named users include Postscript, Function Health, Temporal, and Mercor, which carries a $10 billion valuation. TechCrunch reported that half of new customers come from Intuit's QuickBooks, 30% from NetSuite or Sage Intacct, and 20% from Oracle, SAP, Workday, or Microsoft.

Rillet is moving from fast-growing software startups toward larger companies, using EY and the CPA firms as its route in. The Series C is paying for that push and for more AI agents inside the ledger. It keeps adding integrations, most recently with the expense tool Expensify.

The main risk is how hard it is to switch. A general ledger holds a company's financial history, so many buyers stay with NetSuite, which sits inside Oracle's founder-led ownership, or with QuickBooks, which is owned by Intuit. Rillet also lacks inventory and manufacturing features, and Aura still needs a person to approve the entries it proposes.

Competition is crowded and well funded. Campfire, DualEntry, and Digits all sell AI-first accounting software, while incumbents add AI to their own products. Rillet has no IPO filing and no reported plans for another round, but its last three raises came within 15 months, during a period when AI companies take the largest share of startup funding.

Rillet has raised $208.5 million in equity across four rounds. That includes a $13.5 million seed in July 2024, a $25 million Series A in May 2025, a $70 million Series B in August 2025, and a $100 million Series C in August 2026. It has not reported any debt.

Rillet's lead investors are ICONIQ, Andreessen Horowitz, Sequoia, First Round Capital, and Creandum. Other backers include Susa Ventures, Oak HC/FT, Sequoia Global Equities, Bain Capital Ventures, Battery Ventures, FirstMark, and Scale Venture Partners, plus angels such as Kevin Hartz, Ron Gill, and Lee Kirkpatrick.

Rillet was valued at $1 billion after its $100 million Series C in August 2026. Its Series B a year earlier was reported at about $500 million, though the company did not confirm that figure.

No. Rillet is private and has not filed for an IPO. Its shares are not traded on any stock exchange.

Rillet is owned by its founders, Nicolas Kopp and Stelios Modes, its employees, and its investors. The largest outside holders are likely the firms that led its rounds: ICONIQ, Andreessen Horowitz, Sequoia, First Round Capital, and Creandum. Exact stakes are not public.