Latest news with #Rippling
Yahoo
2 days ago
- Business
- Yahoo
Accounting technology startup Rillet raises $25m
Rillet, an accounting technology startup, has secured $25m in its Series A funding led by Sequoia Capital. The investment, which follows Rillet's previous fundraising round ten months ago, includes participation from existing investors such as First Round Capital, Creandum, Susa Ventures, and angel investors such as former NetSuite CFO Ron Gill and former Twilio CFO Lee Kirkpatrick. Rillet intends to use the funds to speed up the integration and rollout of artificial intelligence (AI) in its platform, while also strengthening its marketing, sales, and customer service operations. Founded in 2024, the startup aims to address the challenges faced by accounting teams reliant on legacy enterprise resource planning (ERP) systems from the 1990s, which hinder the full adoption of AI. Rillet stated that many products are sluggish, obsolete, heavily manual, and overly complicated due to extensive customisation. It emphasised that fully leveraging AI demands a unified, reliable data source with clean, precise data. Rillet's platform is designed to 'redefine' ERP for the AI age by integrating with tools such as Salesforce, Stripe, Ramp, Brex, and Rippling. Its AI agents are designed to automate key accounting workflows, including accruals, reconciliation, and board reporting, facilitating faster and more efficient financial operations. By providing 'real-time', 'fully reconciled' financial data, Rillet says it empowers customers to close their books in hours rather than weeks, enabling quicker and more informed decision-making. Rillet CEO and co-founder Nicolas Kopp said: 'We are a team of accountants building for accountants. This means everything from the reports to the workflows is tailor-built for the challenges CFOs and controllers deal with on a daily basis.' Sequoia managing partner Roelof Botha added: 'Rillet has rethought the general ledger to automate accounting with real-time integrations and AI-driven workflows, allowing finance teams to work smarter and businesses to scale faster. 'This modern approach helps CFOs capture the full value of AI, and, ultimately, positions Rillet as the system of record for the next generation of finance teams.' Since its launch, Rillet claims to have experienced a fivefold year-on-year increase in revenue and the platform processing billions in transactions. Nearly 200 customers, including companies such as Windsurf, Decagon, and Postscript, have adopted Rillet to for their accounting processes. "Accounting technology startup Rillet raises $25m " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Rillet Raises $25M Series A from Sequoia Capital to Bring AI to Mid-market Accounting
The company has quickly become the system of record for the next-generation of finance teams, including those at Windsurf, Decagon, Postscript, and more NEW YORK, May 28, 2025 /PRNewswire/ -- Rillet, the AI-native ERP (enterprise resource planning) platform, today announced $25M in Series A funding led by Sequoia Capital. This round, which comes 10 months after Rillet's last fundraise, includes existing investors First Round Capital, Creandum, Susa Ventures and top angels, such as former NetSuite CFO, Ron Gill and Lee Kirkpatrick, former Twilio CFO. Today, many accounting teams are reliant on legacy ERP systems and tools from the 90s, preventing them from fully adopting AI. Products like NetSuite are slow, outdated, highly manual and often bloated and complex from extensive customization. Full utilization of AI requires a single source of truth with clean, accurate data. Rillet has rebuilt the general ledger to redefine the ERP for the AI age. The platform integrates directly with best-in-class tools, including Salesforce, Stripe, Ramp, Brex and Rippling. Rillet AI agents then automate key accounting workflows from accruals to reconciliation to board reporting and more. "We're a team of accountants building for accountants. This means everything from the reports to the workflows is tailor-built for the challenges CFOs and controllers deal with on a daily basis," said Rillet CEO and founder, Nicolas Kopp. Rillet empowers customers to close their books in hours rather than weeks, providing fully reconciled financial data in real time to enable faster and better decision making. Leaders no longer need to wait weeks after the month ends to see how the business is performing. This means that leaner, more efficient accounting teams can then focus on higher leverage, more strategic work. "ERP is one of the largest software categories, yet it has remained virtually untouched for the last decade because reimagining the financial backbone of a business is incredibly complex," said Julien Bek, the Sequoia partner who led the firm's partnership with Rillet. "Nicolas has brought together a world-class team to tackle this challenge, combining deep domain expertise with AI-native technology to rebuild the foundation of the CFO suite." Sequoia, which is known for partnering with category-defining fintechs like Stripe, Block, and more, has several ex-CFO investing partners. Roelof Botha, managing partner at Sequoia and prior CFO of PayPal added: "Rillet has rethought the general ledger to automate accounting with real-time integrations and AI-driven workflows, allowing finance teams to work smarter and businesses to scale faster. This modern approach helps CFOs capture the full value of AI, and, ultimately, positions Rillet as the system of record for the next generation of finance teams." Since launching in 2024, Rillet has seen incredible traction with revenue growing 5x year-on-year and the platform processing billions in transactions. Nearly 200 customers including fast-growing companies like Windsurf, Decagon and Postscript have implemented Rillet to transform their accounting processes. Windsurf, one of the fastest growing AI companies, runs all their accounting on Rillet: "Rillet feels like it was tailor built for Windsurf and our complex accounting needs. We have a unique blend of products and revenue models and are growing at lightning speed; Rillet handles all of it effortlessly," said Windsurf VP of Finance, Adam Strouss. This new funding and support from Sequoia will allow Rillet to further accelerate the development and deployment of AI within the platform and enable them to further build out the go-to-market and customer support functions. View original content to download multimedia: SOURCE Rillet
Axios
24-05-2025
- Business
- Axios
Awardco raises $165 million Series B
Awardco announced Tuesday it has raised a $165 million Series B, valuing the employee rewards platform at more than $1 billion. Why it matters: It's another HR software business that's been able to raise money in an otherwise uncertain market. Rippling raised $450 million earlier this month, bringing the HR-software company's valuation to almost $17 billion. Zoom in: Sixth Street and Spectrum Equity joined General Catalyst and Ryan Smith as investors in Awardco. The company closed a $65 million Series A in 2021 at an $835 million post-money valuation, according to PitchBook. How it works: Awardco is a service that allows employees to be rewarded through points that can then be used like cash to shop online. Awardco touts five million users and the corporate clients AT&T, Pacific Life, and Adobe.
Axios
21-05-2025
- Business
- Axios
Rippling and Deel fracas pulls in a third "unicorn"
The corporate espionage fight between Rippling and Deel again has escalated, and this time appears to involve a third HR software "unicorn." Catch up quick: Rippling sued Deel in March, accusing Deel of hiring a spy inside of Rippling. Deel, which is valued by VCs at around $12 billion, denied the allegation and countersued for defamation. Rippling last week announced $450 million in new funding at a $16.8 billion valuation, and also said it would launch a $200 million tender offer for current and former employees. Fast forward: The tender launched Monday, and related documentation included some information on the Deel conflict in its "Risk Factors" section. It then dropped two bombshells. The first was a claim that Rippling has reported Deel's alleged conduct to U.S. federal law enforcement, as NY Times was first to report, and that Rippling "understands" that there is "an active criminal investigation." The second is an allegation that Globalization Partners "has also discovered and reported similar conduct to U.S. federal law enforcement and that an active criminal investigation into that conduct is ongoing." Zoom in: Globalization Partners is a Boston-based employment software firm that in 2022 raised $200 million from Vista Credit Partners at a $4.2 billion valuation. It hasn't addressed the Deel situation, nor has it sued civilly, but a source familiar with the company says that language in the Rippling tender is an accurate representation of its position. What they're saying: "This is the latest example of Rippling trying to use the court of public opinion to drive its years-long smear campaign against Deel," a Deel spokesperson tells Axios. "This media cycle is proof," she continues. "We are not aware of any active investigations into our business. As detailed in our lawsuit, Rippling has a long history of making false or sensationalized allegations to governmental authorities about competitors, which prompt 'inquiries' from the government that Rippling then leaks to the media." The bottom line: Most customers are unlikely to care about a civil dispute between rivals, so long as the software works. But criminal proceedings would be a much different animal, particularly in a sector where compliance plays a major role.
Entrepreneur
20-05-2025
- Business
- Entrepreneur
Rippling Doubles Down on India with Second Office in Bengaluru
Rippling, which currently employs around 1,000 people in India, aims to double its local workforce to 2,000 over the next three years. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Global HRtech major Rippling has expanded its footprint in India by opening a second office in Bengaluru, underscoring the country's strategic importance to the company's growth. The move comes on the heels of its massive USD 450 million Series G funding round, which pegged its valuation at USD 16.8 billion. The new 100,000-square-foot facility, located at Embassy Tech Village, will house engineering, product, sales, and customer support teams. Rippling, which currently employs around 1,000 people in India, aims to double its local workforce to 2,000 over the next three years. "Bangalore has always been a superpower for Rippling," said Matt MacInnis, Chief Operating Officer. "We grew from 450 employees last year to over 1,000 today, and we're continuing to scale rapidly. We take on some of our most important product work here, and we intend to keep expanding the autonomy and scope of this team." Founded in 2016 by Parker Conrad and Indian-origin entrepreneur Prasanna Shankar, Rippling offers an all-in-one platform that integrates HR, IT, and finance functions—streamlining operations like payroll, expenses, benefits, and device management. The company supports over 20,000 customers and boasts a growing portfolio of more than 20 products. Rippling has been steadily deepening its India presence since launching here in 2017. It has onboarded over 20 former founders and entrepreneurs, including Ajay Chandra, former co-founder of Infibeam, and Nimish Bhonsale, ex-co-founder of Elda Health. In 2024, the company appointed former Walmart executive Mrinal Chatterjee as its Country Head. With annual recurring revenue surpassing USD 100 million, Rippling is betting big on India not just as a talent hub but as a key driver of innovation and global product development. The company's robust investor lineup includes Y Combinator, Sands Capital, GIC, Goldman Sachs Growth, Coatue, Greenoaks, Founders Fund, Elad Gil, and Dragoneer—signaling strong confidence in Rippling's vision to redefine workforce management worldwide.
