NEW YORK, July 29, 2024 /PRNewswire/ — 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.
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. 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.
Fresh funding to make zero day close a reality
Rillet’s mission is to make zero day close a reality for everyone so companies can make decisions based on drillable, real-time financial information. Rillet is currently working with our customers across SaaS and usage-based revenue businesses and plans to use the new funding to further product build and expand to support customers in new verticals from e-commerce to fintech.
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SOURCE Rillet
