Campfire Raises $65M Series B to Build AI-First ERP for Finance Teams
Campfire closed a $65 million Series B co-led by Accel and Ribbit, just 12 weeks after its $35 million Series A. Total funding now tops $100 million. The company reports 10x year-to-date revenue growth as teams across six continents move core accounting and finance workflows onto its platform.
ERP has been controlled by SAP and Oracle for decades. Campfire positions itself as the modern alternative for finance leaders who want faster closes, less manual reconciliation, and audit-ready control without busywork.
Why this matters to finance leaders
Campfire built L.A.M. (Large Accounting Model), an accounting-specific AI model trained on finance data. It is already reporting 95% accuracy on reconciliations and variance detection, aiming to cut error rates and time-to-close.
For CFOs and controllers, the appeal is clear: automate repetitive tasks, surface anomalies in real time, and standardize workflows across entities and regions-with permissioning that can meet SOX needs.
What Campfire offers
- Unified ERP: general ledger, revenue automation, close management, and reporting on one platform.
- AI assistance: automated reconciliations, anomaly and variance detection, and help drafting reports.
- Governance: granular roles and approvals suitable for SOX-sensitive environments.
- Scale: large-scale migrations off legacy systems, including SAP; partnerships with public company customers listed on the NYSE.
Who's backing and using Campfire
The round is co-led by Accel and Ribbit, with participation from Foundation Capital, Y Combinator, and operators including Karim Atiyeh (Ramp), Brad Floering (Snowflake), Steve Sidhu (Clay), Scott Buxton (Supabase), and Naeem Ishaq (formerly Checkr).
Customers include PostHog, Decagon, Replit, Heidi Health, Klarity, CloudZero, and Advisor360. Campfire says many have replaced legacy ERP systems and now run their core finance operations on its platform.
Voices from the field
"Legacy ERPs are structured for a different era… We built Campfire to reimagine ERP for the AI age with workflows that think, learn, and move as fast as finance teams do today," said John Glasgow, Founder & CEO at Campfire.
"Campfire's AI automates your reconciliations, flags anomalies, and even helps draft reports," said Ryan Ang, Controller, Decagon.
"Since we operate in the public markets, we have to be thoughtful with every decision we make… We've enjoyed building with the Campfire team to modernize the future of our accounting, together," said Patrick Journy, CFO, LimaOne (NYSE: MFA).
Practical next steps for CFOs and controllers
- Target quick wins first: bank and payment reconciliations, variance analysis, and close checklists.
- Map current Excel/email workflows and identify where AI can reduce handoffs and manual controls.
- Validate permissioning, approvals, and audit trails for SOX across entities and periods.
- Plan a staged migration: run parallel for one close; benchmark days-to-close, exception rates, and audit adjustments.
- Pilot with 1-2 subsidiaries or cost centers before scaling to the full ledger.
Original announcement: PR Newswire. Background on SOX: SEC overview.
About the companies
Campfire is an AI-first ERP for finance and accounting teams, offering a full replacement for legacy systems with a unified ledger, revenue automation, and close management. The company is based in San Francisco and backed by Accel, Ribbit, Foundation Capital, Y Combinator, Capital49, and finance leaders from public and private companies.
Accel is a global venture capital firm backing companies from inception through growth, including Atlassian, CrowdStrike, Slack, Spotify, Squarespace, and UiPath.
Ribbit is an investment firm partnering with founders modernizing financial services and other traditional markets, with investments across six continents such as Coinbase, Credit Karma, Nubank, Revolut, and Robinhood.
For finance teams upskilling on AI
Looking to evaluate tools and training for your function? Explore curated AI tools for finance here: AI tools for finance.
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