Overview
- Rillet closed a $100 million Series C led by ICONIQ on Tuesday, valuing the company at $1 billion and naming ICONIQ general partner Seth Pierrepont to its board.
- The company says it now serves more than 600 customers and reported that new annual recurring revenue doubled in the three months before the round.
- Investors in the round include returning backers Sequoia Capital, Andreessen Horowitz and Oak HC/FT plus new participants such as Bain Capital Ventures and Battery Ventures, pushing total disclosed funding past $200 million.
- Rillet markets an 'agent‑first' accounting platform that uses AI agents to run end‑to‑end accounting tasks so accountants review transactions instead of entering them by hand.
- The startup cites alliances with EY and many top CPA firms as proof of enterprise traction, but most performance claims come from company disclosures and the large, sticky ERP market could slow broad replacement of incumbents.