AI accounting startup Campfire announced on Monday that it has successfully secured $35 million in Series A funding, led by Accel. This round also saw participation from Foundation Capital, Y Combinator, Capital 49, as well as angel investors including Dan Kang, CFO of Mercury. Founder and CEO John Glasgow highlighted the company’s rapid growth by noting that within just nine months of its inception, Campfire managed to attract customers, many with over 100 employees, who were eager to transition from NetSuite to Campfire.
Notable companies that have made this switch include Advisor360, Rhumbix, and Fooji. Glasgow’s experience as an industry veteran played a crucial role in this growth. With 15 years of work in finance at firms like Fidelity and Union Square Advisors, and a pivotal moment when he joined Invoice2go—an Accel-backed startup later acquired by Bill.com for about $625 million—he was well-equipped to lead Campfire.
His time at Y Combinator in 2023, despite being more seasoned than most founders, helped him connect with tech startups such as Replit and Replo. Campfire aims to revolutionize outdated ERP systems like NetSuite by utilizing advanced language model technology. The platform automates processes such as itemizing AWS bills and generating cash flow analyses.
Glasgow shared an example where one customer reduced their monthly closing process from 15 days to just three days after switching to Campfire. While still a newcomer compared to Oracle’s expansive NetSuite, Campfire has proven its potential, attracting around 100 customers including a global client projected to reach $250 million in annual recurring revenue. Accel’s John Locke, who usually invests at the growth stage, was impressed by this traction and decided to lead the Series A funding, emphasizing the vast opportunities within the AI ERP market.