We’re thrilled to announce that we have raised $13.5M, led by First Round Capital (Uber, Square, Notion, Looker) and Creandum (Spotify, Klarna), Susa Ventures (Robinhood) 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.

Existing accounting platforms create more work than they solve for a shrinking accounting force

Today, high-growth companies face a catch-22 when it comes to accounting: use 25 year old software built for small businesses that doesn’t meet their needs (QuickBooks) or 25 year old software built for large corporations that doesn’t either (NetSuite). Either way, finance teams are stuck doing tons of manual work in spreadsheets to reconcile and report their financials. To exacerbate the issue, there are fewer accountants to do this work: 300,000 accountants left the profession in the last two years alone (17% of total).

With the advancement of software in the last decade and AI more recently, a lot of this manual work can be automated away, freeing up finance teams to do more strategic and insightful analysis.

Rillet is the first accounting platform that automates almost everything for high-growth companies

‍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. Because we’re able to make sense of your raw source data using metadata and AI, 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 can even 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. Finance teams no longer have to spend time on the ins and outs of accounting and can instead just review the data that Rillet generates.

Fresh funding to make zero day close a reality

Our mission is to make zero day close a reality for everyone so companies can make decisions based on granular, real-time financial information. We’re currently working with over 70 customers across SaaS and usage-based revenue businesses to automate the workflows accounting teams do on a monthly basis. Our customers are using Rillet to automatically:

• 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
• spit out metrics like ARR, NRR and retention cohorts

Rillet is built by accountants for accountants, and 93% of all journal entries booked in Rillet to date were done without a human having ever been involved. We’re using this new funding to grow our team and expand to support new customers in new verticals from e-commerce to fintech.

If you’re inspired by what we’re doing or just interested in learning more, please reach out to us at hello@rillet.com or visit us at rillet.com. You can also follow us on LinkedIn or Twitter.

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