How AI accounting startup Rillet raised $100M and became a unicorn in 48-hours
Rillet, an AI-native accounting startup, has raised $100 million at a $1 billion valuation, closing the deal within 48 hours of a board meeting after investors saw strong growth figures. The rapid raise reflects broader investor appetite for AI tools that can replace legacy enterprise software, as accountancy firms face a shortage of skilled staff and companies look to automate bookkeeping functions traditionally handled by systems from Oracle, NetSuite and Intuit.
The company, which emerged from stealth two years ago, has now raised $200 million in total from backers including ICONIQ, Andreessen Horowitz and Sequoia, and counts 600 customers ranging from laundromats to the NFL Hall of Fame. Its annualised revenue rate reportedly doubled in the last quarter alone, helped by a new partnership with auditing firm EY, with roughly half of its customers switching from Intuit, 30% from NetSuite and Sage Intacct, and the remainder from providers such as Oracle, SAP and Microsoft. Investors from Iconiq and Sequoia, both repeat backers, said their familiarity with Rillet's prior performance meant they could commit quickly despite the short timeframe.
- Rillet raised $100M at a $1bn valuation in just 48 hours.
- Growth driven by firms replacing legacy accounting software like Oracle and NetSuite.
- Revenue reportedly doubled last quarter; deal backed by repeat investors Iconiq and Sequoia.
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Rillet is a start-up that makes accounting software built around artificial intelligence, aimed at replacing older systems such as those from Oracle, NetSuite and Intuit that many businesses currently use to manage their books. It launched out of "stealth mode" (a period of quiet development before a company goes public with its product) two years ago and has grown to serve around 600 customers, from small businesses to larger organisations.
The company has just raised $100 million from investors, valuing it at $1 billion and giving it "unicorn" status, a term used for privately held start-ups worth that much. What has drawn attention is the speed of the deal, agreed within 48 hours of a board meeting, reflecting how quickly some investors are now willing to commit money to promising AI companies.
The broader context is a wave of investor interest in AI tools that automate tasks traditionally done by people or older software, at a time when accountancy firms are struggling to find enough skilled staff. Rillet's backers include well-known venture capital firms such as Andreessen Horowitz, Sequoia and ICONIQ, and its growth is being watched as a sign of how quickly established software providers in finance and accounting could face competition from AI-driven challengers.
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