NEW
YORK, July 29, 2024 /PRNewswire/ -- We're
thrilled to announce that we have raised $13.5M, led by First Round Capital (Uber, Square,
Notion, Looker) and Creandum (Spotify, Klarna), Susa Ventures
(Robinhood) with participation from incredible individual investors
including Kevin Hartz (founder of
Eventbrite, Xoom and investor in SpaceX, Airbnb, Palantir), the
former Chief Accounting Officer of Facebook and Stripe, and the
Controller at Ramp.
Existing accounting platforms create more work than they
solve for a shrinking accounting force
Today, high-growth companies face a catch-22 when it comes to
accounting: use 25 year old software built for small businesses
that doesn't meet their needs (QuickBooks) or 25 year old software
built for large corporations that doesn't either (NetSuite). Either
way, finance teams are stuck doing tons of manual work in
spreadsheets to reconcile and report their financials. To
exacerbate the issue, there are fewer accountants to do this work:
300,000 accountants left the profession in the last two years
alone.
With the advancement of software in the last decade and AI more
recently, a lot of this manual work can be automated away, freeing
up finance teams to do more strategic and insightful analysis.
Rillet is the first accounting platform that automates almost
everything for high-growth companies
Rillet is the first modern ERP that automates accounting
for high-growth companies. A lot of the complexity when it comes to
startup accounting is on the revenue side, so Rillet integrates
with your payment processor and your CRM to simplify all of this.
Rillet can run all kinds of workflow automations that finance teams
used to have to do manually — from invoicing to closing the books
and running investor reporting.
Rillet can even handle this automation across multiple entities,
geographies, and currencies — turning a major pain point as
companies scale internationally into a single view with a single
login.
Fresh funding to make zero day close a reality
Rillet's mission is to make zero day close a reality for
everyone so companies can make decisions based on drillable,
real-time financial information. Rillet is currently working with
our customers across SaaS and usage-based revenue businesses and
plans to use the new funding to further product build and expand to
support customers in new verticals from e-commerce to fintech.
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SOURCE Rillet