Rillet announced that it raised $13.5 million, led by First Round Capital, Creandum, and Susa Ventures with participation from incredible individual investors including Kevin Hartz (founder of Eventbrite, Xoom and investor in SpaceX, Airbnb, Palantir), the former Chief Accounting Officer of Facebook and Stripe, and the Controller at Ramp.
One of the challenges for larger growth companies when it comes to accounting is having to use old software built for either smaller businesses or larger businesses that do not fit their needs. So finance teams have to do a lot of manual work in spreadsheets. Plus, many accountants have been leaving their professions. The good news is that a lot of this manual work could be automated through the use of AI.
Rillet is the first modern ERP that automates accounting for high-growth companies. A lot of the complexity when it comes to startup accounting is on the revenue side, so Rillet integrates with your payment processor and your CRM to simplify all of this. And Rillet can run all kinds of workflow automations that finance teams used to have to do manually — from invoicing to closing the books and running investor reporting.
Rillet is also able to handle this automation across multiple entities, geographies, and currencies — turning a major pain point as companies scale internationally into a single view with a single login. And Rillet’s goal is to make zero day close a reality for everyone so companies can make decisions based on drillable, real-time financial information.
Rillet is currently working with our customers across SaaS and usage-based revenue businesses and plans to use the new funding to further product build and expand to support customers in new verticals from e-commerce to fintech.
