Campfire, the enterprise resource planning (ERP) start-up founded by former Invoice2go VP John Glasgow in 2023, has raised $65 million in a Series B funding round led by Accel and new investor Ribbit. The raise comes just over three months after a $35 million Series A, also led by Accel, and brings Campfire’s total funding to more than $100 million.
Foundation Capital participated in this latest round alongside Y Combinator, which incubated Campfire in its Summer 2023 Batch, with additional angel support from Ramp co-founder and CTO Karim Atiyeh, Snowflake finance VP Brad Floering, Clay controller Steve Sidhu, Supabase CFO Scott Buxton, and Naeem Ishaq, former EVP, CFO and chief strategy officer at Checkr.
Based in San Francisco, Campfire operates a general ledger system that handles revenue recognition, invoicing, payments, and financial reporting through its cloud-based platform. Supporting the platform are a natively built AI Agent called Ember, which launched in December, and a new proprietary large accounting model (LAM), which the company claims is “already achieving 95% accuracy on key workflows like reconciliations and variance detection”.
A former finance executive turned CEO, Glasgow says he designed Campfire to combat legacy ERPs that are “structured for a different era”, challenges he “felt firsthand” in his previous roles. Before Campfire, Glasgow worked as VP of partnerships and business development at business management app Invoice2go, and went on to serve the same position for Bill.com through the company’s $625 million acquisition of Incoice2go in September 2021.
So far, Campfire has completed several large-scale migrations for PostHog, Decagon, Replit, Heidi Health, Klarity, CloudZero, and Advisor360, and claims its latest round of investor support comes amid a 10-fold increase in year-to-date revenue. Other backers of the company include Capital49, AirWallex co-founder and CEO Jack Zhang, Mercury CFO Dan Kang, Vercel CFO Marten Abrahamsen, and various angels with experience from Atlassian, MongoDB, and OpenAI.
Source: https://www.fintechfutures.com/
