Campfire, an AI-powered accounting software company, has announced a $35 million Series A funding round. The company develops enterprise resource planning (ERP) solutions designed to automate financial operations, including payment reconciliation, revenue forecasting, and M&A due diligence. Its platform leverages large language models (LLMs) to perform tasks such as automatically itemizing and reconciling cloud computing bills, generating detailed cash flow analyses, and responding to natural-language prompts.
The round was led by Accel. Participating investors included Foundation Capital, Y Combinator, Capital49, and angel investor Dan Kang, CFO of Mercury.
John Glasgow, founder and CEO, launched Campfire in 2023. His background includes over a decade in finance at firms such as Fidelity and Union Square Advisors, and experience with Invoice2go, which was acquired by Bill.com. This experience informed the development of Campfire's platform, which aims to modernize and automate routine financial operations traditionally handled by legacy ERP systems.
Campfire has reported customer migrations from established ERP providers. Customers that have transitioned from NetSuite to Campfire include wealth management platform Advisor360, construction software startup Rhumbix, and customer experience company Fooji. The company has also acquired customers through the Y Combinator network, such as Sierra AI and Replo, and counts fintech company Mercury among its clients.
"One of our customers went from a 15-day to a three-day close when they ripped out NetSuite and put in Campfire," commented John Glasgow, Founder CEO at Campfire.
Accel's John Locke, who previously invested in Invoice2go, noted Campfire's early customer traction. The company has grown to approximately 100 customers and employs 12 individuals. One global customer is reportedly on track for $250 million in annual recurring revenue (ARR). The total ERP software market is projected to reach $56 billion in 2024.
Campfire operates in the enterprise resource planning (ERP) software market, directly competing with established providers. Its primary competitor is NetSuite, an ERP suite owned by Oracle, from which Campfire has reported winning customers. Other legacy ERP systems also represent competition in the broader market for financial management and accounting software.
