Rillet’s $70 million Series B funding round was led by Andreessen Horowitz and ICONIQ. Other participants in the round included Sequoia, Oak HC/FT, and the company’s existing investors.
We had previously reported in May that Rillet, which offers AI-powered accounting software, had raised $25 million. Despite only two months passing, Rillet has returned with new funding news, announcing that it raised $70 million in its Series B round.
With the investment, Andreessen Horowitz Managing Partner Alex Rampell and ICONIQ Managing Partner Seth Pierrepont have joined Rillet’s board of directors.
With this $70 million investment, Rillet’s total funding to date has exceeded $100 million. According to the company, the new funds will be used to scale operations and accelerate R&D efforts.
Rillet was founded in the United States in 2021 by Nicolas Kopp and Stelios Modes, and it develops an AI-powered accounting platform. The startup combines traditional ERP systems with artificial intelligence and can be used in an integrated manner with key platforms like Salesforce, Stripe, Ramp, Brex, and Rippling.
According to Rillet, the company has over 200 customers. It is also worth noting that Rillet has been growing rapidly, having doubled its annual recurring revenue in the past 12 weeks.
