Business / news
Rillet hits $1B valuation after $100M round raised in 48 hours
AI-native accounting startup Rillet has raised $100 million at a $1 billion valuation, a deal that came together in two days after a board meeting highlighted surging growth.
Rillet co-founder and CEO Nicolas Kopp said the company was not seeking new funding when a routine board meeting triggered an unexpected wave of investor interest. Within 48 hours, the startup closed a $100 million round led by Iconiq, with participation from Sequoia and others, propelling it to unicorn status.
The U.S. accountant shortage is fueling demand for Rillet's AI-powered platform, which automates core accounting tasks. The company has amassed 600 customers, many of them public companies, and is replacing legacy ERP and accounting systems from Oracle, NetSuite, and Intuit, according to Kopp.
Rillet emerged from stealth two years ago and has now raised a total of $200 million from investors including Iconiq, Andreessen Horowitz, and Sequoia. The latest round follows a $70 million Series B last summer.
The funding surge was sparked by growth metrics shared at a board meeting a few weeks ago. Annualized revenue had doubled in the last quarter alone, new clients were being added, and the company had formed an alliance with EY to bring AI tools to the auditing giant.
Iconiq general partner Seth Pierrepont, who led the round, said the deal came together quickly but was not a cold start. Kopp emphasized that customers are not piloting Rillet; they are actively replacing competing accounting software.