Campfire raised $35M Series A to take on NetSuite with AI-powered accounting
AI-driven accounting startup Campfire announced a $35 million Series A led by Accel, with Foundation Capital, Y Combinator, Capital 49, and Mercury CFO Dan Kang also pitching in.
Founder John Glasgow says customers with over 100 employees have already ditched NetSuite for Campfire within nine months. 
Clients switching from NetSuite include Advisor360, Rhumbix, and Fooji.
Glasgow, a finance veteran with 15 years at Fidelity and others, got his seed money from a previous exit when Bill.com bought his old startup Invoice2go for $625 million.
He launched Campfire in 2023 to replace outdated ERP systems with an LLM-powered platform. It automates tasks like AWS bill reconciliation, revenue forecasts, and M&A due diligence.
Campfire cut one customer’s monthly close from 15 days to 3.
YC helped bring in tech customers like Replit and Replo.
Campfire claims 100 customers at seed stage, including one on track for $250 million ARR. The team is just 12 people.
Accel partner John Locke, who backed Glasgow before, led the round after seeing “traction out of the gates.”
“I was surprised that there were businesses of this size that were trusting their whole ERP to a 10-person, seed-stage project,” Locke told TechCrunch.
“[The] AI ERP business is massive, and we think John is really the right person to do it. So why don’t we do a $30 [million] to $35 million Series A, and really go for it?”
Campfire aims to grab a slice of the $56 billion ERP market with AI tech. For now, it’s a small but credible challenger to Oracle’s NetSuite.
Correction: Mercury is not a Campfire customer.
