Campfire Secures $65 Million Series B to Transform Finance in the AI Age

Campfire Secures $65 Million Series B Funding to Revolutionize Finance Operations

In an impressive move showcasing its rapid growth, Campfire has announced the successful completion of a $65 million Series B funding round, co-led by Accel and Ribbit. This funding comes just 12 weeks after a previous $35 million Series A round, bringing the total funding raised by Campfire to over $100 million in an astonishingly short period. The company is gaining momentum as it champions a shift in financial operations, embracing artificial intelligence (AI) to redefine traditional enterprise resource planning (ERP).

Founded with the goal of modernizing ERP for finance teams, Campfire stands in stark contrast to legacy systems offered by giants like SAP and Oracle, which have remained stagnant since the 1990s. The rapid adoption of Campfire's solutions across various industries highlights a growing demand for efficiency, flexibility, and smart automation in finance operations. Campfire’s vision is particularly appealing to finance teams who are seeking to automate repetitive tasks and streamline their workflows. As stated by John Glasgow, the Founder and CEO, the pain of outdated ERPs is real, and Campfire is designed to alleviate this burden.

With a staggering 10x year-to-date revenue growth, Campfire is attracting finance teams from startups to large enterprises. Notable clients such as PostHog, Decagon, and Replit have already transitioned from antiquated systems to Campfire’s innovative platform, which integrates features such as general ledger management, revenue automation, and close management—all in a unified interface that enhances user experience.

Ryan Ang, Controller at Decagon, emphasized the ease of use that Campfire provides, saying, "Campfire is modern, flexible, and has an intuitive design that streamlines daily tasks. The AI capabilities automate reconciliations, detect anomalies, and assist in report generation, fundamentally changing the game for finance teams."

The newly secured funding is strategically aimed at expanding Campfire’s reach and further enhancing its AI integration. A standout innovation is the Large Accounting Model (L.A.M.), an advanced AI model designed specifically to automate intricate accounting tasks with remarkable accuracy. Currently, L.A.M. boasts a 95% success rate in critical workflows such as reconciliations and variance detection, marking a significant step toward fully automating finance operations. This positions Campfire as a leader in an era where AI is increasingly integral to efficiency.

The tech-driven landscape of finance is evolving rapidly, with more organizations moving away from outdated practices to embrace modern solutions. The $3 trillion ERP market is experiencing a shift as companies like Campfire tackle the inefficiencies of legacy systems. John Locke, a Partner at Accel, expressed optimism about Campfire’s potential, highlighting their approach to solving long-standing issues in finance, while Ribbit’s Nick Shalek pointed out Campfire's ability to bring relevant insights to CFOs around the world.

With the successful Series B raise, Campfire is well-positioned for growth in the upcoming years. Their commitment to reshaping how finance operates in the AI age reflects a collective understanding of the needs of contemporary finance teams. Campfire is not just delivering software; it is paving the way for a future where finance is efficient, transparent, and driven by intelligent solutions.

For finance teams looking to thrive amid digital transformation, Campfire represents a beacon of innovation, advocating for modernization and efficiency while empowering professionals with the tools they need to excel in an ever-changing landscape of financial management.

About Campfire

Campfire is reimagining ERP for finance and accounting teams, centered around an AI-first approach. By consolidating financial operations into a single platform, Campfire provides powerful, user-friendly solutions designed to enhance productivity and offer deeper financial insights while supporting scalable growth. Headquartered in San Francisco, Campfire is also supported by a network of renowned entities, including Accel and Ribbit. Learn more at www.campfire.ai.