Campfire, a company building a new kind of enterprise resource planning (ERP) system for modern finance teams, has announced a $65 million Series B financing. The round was co-led by Accel and Ribbit Capital, with continued participation from Foundation Capital and Y Combinator.

The investment comes only 12 weeks after the company’s $35 million Series A, bringing Campfire’s total funding to over $100 million. This rapid fundraising sequence makes it one of the fastest-growing, AI-native ERP companies this year. The round also included angel investors such as Karim Atiyeh, Co-Founder & CTO at Ramp; Brad Floering, VP of Finance at Snowflake; Scott Buxton, CFO at Supabase; and others with deep experience in corporate finance.

Challenging the Old Guard of Finance Software

The ERP market is one of the largest categories in enterprise software, long controlled by giants like SAP and Oracle. Yet many of these systems have not fundamentally changed since the 1990s. As artificial intelligence begins to reshape business operations, Campfire is positioning itself as the modern alternative for fast-moving, global finance teams.

“Legacy ERPs are structured for a different era, and as a finance exec I felt that pain firsthand,” said John Glasgow, Founder and CEO at Campfire. “We built Campfire to reimagine ERP for the AI age with workflows that think, learn, and move as fast as finance teams do today. We’re proud to deepen our partnership with Accel, who led our Series A, and to welcome Ribbit as a new partner as we bring that vision to more companies around the world.”

Building the Future of Intelligent Finance

A key part of Campfire’s strategy is its advanced use of artificial intelligence. The company recently announced L.A.M., or Large Accounting Model, a proprietary AI trained exclusively on accounting data. This model is designed to automate financial tasks with a high degree of precision. L.A.M. already achieves 95% accuracy on important workflows like reconciliations and variance detection, representing a significant step toward fully intelligent finance operations.

The new funds will be used to further develop these AI capabilities and expand the platform’s reach. Campfire aims to help more companies migrate from older systems and run their core financial processes more efficiently. This plan is supported by the company’s strong performance, which includes 10x revenue growth year-to-date and new partnerships with public companies listed on the NYSE.

From Firsthand Pain to a Modern Platform

Campfire was started to solve a problem its founders knew well. The platform offers a full replacement for traditional ERPs, including a general ledger, revenue automation, and close management tools, all within a single system. Its goal is to provide finance teams with intuitive software that saves time on the monthly close and delivers clearer financial insights.

The approach has found a receptive audience, with rapid adoption from both high-growth startups and established enterprises. Customers like PostHog, Replit, Klarity, and Advisor360 now run their core financial operations on Campfire.

“Campfire is modern, flexible, and has an intuitive design that makes day to day tasks less of a grind. I’m looking forward to spending more time analyzing, and less time troubleshooting clunky processes. Campfire’s AI automates your reconciliations, flags anomalies, and even helps draft reports. It’s a real game changer,” said Ryan Ang, Controller at Decagon.

Patrick Journy, CFO at LimaOne, added, “Since we operate in the public markets, we have to be thoughtful with every decision we make. Our team was impressed by the robust features, extensibility of the platform, and granularity of permissioning for a SOX environment. We’ve enjoyed building with the Campfire team to modernize the future of our accounting, together.”

Investor Confidence in a New Financial Era

Investors expressed strong confidence in Campfire’s direction and leadership. The company’s ability to attract both new and returning investors highlights the clear need for innovation in the financial software market.

“Campfire is building a special company. We’re excited to deepen our partnership with John Glasgow and the team, and to work with our friends at Ribbit,” said John Locke, Partner at Accel. “Campfire is addressing a massive opportunity in the market, and we look forward to doing the work together to build the ERP for the future.”

Nick Shalek, General Partner at Ribbit, shared a similar view. “Campfire caught our attention by solving a problem every CFO knows: finance teams still rely on Excel and email while the rest of the organization moves on to modern software,” he said. “John understands the reality of financial operations because he’s experienced them, and that authenticity drives every product decision. By quietly building the infrastructure that makes AI in finance useful, Campfire represents exactly what Ribbit looks for: companies that transform critical but historically underserved functions and industries.”

Origianl Creator: Ekaterina Pisareva
Original Link: https://justainews.com/companies/funding-news/campfires-65m-series-b-aims-to-replace-old-school-finance-tools/
Originally Posted: Thu, 16 Oct 2025 16:13:15 +0000