Rillet, a two-year-old AI-native accounting platform, raised $100 million in a Series C round at a $1 billion valuation, according to TechCrunch. The round was led by Iconiq, with returning investors Sequoia and Andreessen Horowitz, bringing Rillet's total funding to more than $200 million.
Chief executive Nicolas Kopp had not been raising money. He shared growth numbers, including annual recurring revenue that had doubled in the prior three months and a new alliance with accounting firm EY, at a routine board meeting. "Text messages were fired, calls were made," and the round came together within 48 hours, TechCrunch reported.
Seth Pierrepont, general partner at Iconiq, who is joining Rillet's board, said: "A year ago, we backed a bold vision for Rillet: that the general ledger could become more than a system of record and instead the operating system for finance. That vision is now reality."
Rillet serves more than 600 customers, mostly companies migrating off Oracle, NetSuite and Intuit systems, according to TechCrunch. Kopp said AI is "going to come hard at" the legacy players in accounting software because it lets challengers offer a compelling alternative to entrenched systems.
The speed of the round is the real story here: investors moved on a single data point, revenue that doubled in a quarter, without the usual weeks of diligence. That is becoming normal for AI-native software that shows real usage numbers, and it raises the bar for what counts as a slow fundraise.