AI-powered accounting startup Campfire on Monday announced its $35 million Series A, led by Accel, and its participation from Angel Investors, including Foundation Capital, Y Combinator, Capital 49 and Mercury’s CFO Dan Kang.
“Within nine months since it was formed, we had customers. [with] Some Campfire customers who have moved from Netsuite are located north of 100 employees who rip Netsuite to rip campfires and incorporate campfires.
This was part of the case despite Glasgow attending YC in the summer of 2023, which clearly shows more experience than the typical 20-something YC founder. He explained the difference in age. At the YC Bingo event, “One of the bingo is ‘finding people who are parents’ and I was a hot product of YC Bingo. ”
Glasgow already had a 10.5 year career in finance for Fidelity and Union Square Advisor. When Adobe’s manager left, he took Glasgow with him when he ran an accelerator startup called Invoice2go. Less than a year later, in the fall of 2021, Bill.com bought Invoice2go for around $625 million.
Glasgow got caught up in both cash and the idea of building his own startup. This automates financial drudgers, such as invoices, revenue forecasts, and adjustments to payments for parts discovered during an invoice 2GO transaction. M&A due diligence.
He launched Campfire in 2023 and promoted 1990s Enterprise Resource Planning Accounting Software (ERP) like NetSuite with LLM-powered alternatives.
Campfire does things like automatically itemizing and adjusting AWS cloud computing invoices. Generate detailed cash flow analysis, charts, and answers from natural language prompts.
“One of our customers ripped NetSuite at the end of 15 to 3 days and put it on the campfire,” he says of the time to complete the book each month.
Famous access to graduates from other cohorts of YC helped him land high-tech startups, such as clients, replicas and Lepros.
Campfire is just GNAT in terms of Oracle’s $1 billion (and growing) NetSuite business impact, but the startup has acquired enough customers to prove competitively relevant.
At Seed Stage, Campfire has grown to around 100 customers. Campfire currently has a maximum of 12 employees.
“We were surprised to see a business of this size that trusts the entire ERP in a 10-person seed stage project,” Accel’s John Locke, who supported Invoice2go, told TechCrunch about Campfire and what seduced him.
Locks usually invest in growth stages. However, given the total of such “traction from the gate” and the $56 billion ERP software market in 2024, Lock led the Series A and he grew.
“[The] The AI ERP business is huge and I think John is really the right person to do it. So why don’t we do 30 dollars? [million] For a $35 million Series A, and are you really looking for it? ” he told Glasgow and his partner.
Modification: This story was initially identified as a customer if mercury was not identified as a customer.
