Accel Leads $35 Million Round for AI ERP Startup Campfire

AI-powered accounting platform Campfire has closed a $35 million Series A round led by Accel, with participation from Foundation Capital, Y Combinator, Capital49 and several technology finance chiefs, including Mercury CFO Dan Kang. The financing lifts total capital raised by the San Francisco-based company to roughly $39 million after a 2023 seed round. Founded two years ago by former Invoice2go executive John Glasgow, Campfire offers an AI-first enterprise-resource-planning system that automates general ledger, revenue recognition and monthly close tasks. The company says more than 100 businesses—some with workforces exceeding 100—have replaced Oracle’s NetSuite and other legacy tools with its software. Current users include wealth-management platform Advisor360, construction tech firm Rhumbix and developer platform Replit. Campfire, which employs 12 people, plans to use the fresh capital to accelerate product development and hiring as it targets the $56 billion global ERP market. Management says revenue has risen ten-fold in the past 10 months and that one customer is projected to reach $250 million in annual recurring revenue on the platform, underscoring investor appetite for AI-driven alternatives to established accounting suites.