Rillet, a Palo Alto, CA-based provider of an automation-first ERP specifically built for high-growth companies, raised $13.5m in funding.
Backers included First Round Capital and Creandum, with participation from individual investors including Chad Byers (Susa Ventures), Kevin Hartz (founder of Eventbrite and Xoom), the former Chief Accounting Officer of Facebook and Stripe, and the Controller at Ramp.
The company intends to use the funds to grow the team and expand to support new customers in new verticals from e-commerce to fintech.
Led by Nicolas Kopp, CEO, Rillet is an automation-first ERP specifically built for the workflows of accounting and finance teams at high-growth companies, such as automated invoicing, revenue recognition, prepaid and investor reporting.
Customers are using Rillet to automatically:
- spit out metrics like ARR, NRR and retention cohorts
- pull in source data from CRM, payment processors, AP, payroll, and banks and book the corresponding journal entries
- create and send invoices
- prepare deferred revenue and prepaid schedules
- generate income statements, balance sheets and cashflow statements
The system integrates with payment processors and CRM tools to and makes sense of the raw source data using metadata and AI to 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 can even handle automation across multiple entities, geographies, and currencies.
The company is currently working with over 70 customers across SaaS and usage-based revenue businesses to automate the workflows accounting teams do on a monthly basis.
FinSMEs
29/07/2024