AI-powered accounting startup Campfire announced Monday that it has raised $35 million Series A led by Accel, with participation from Foundation Capital, Y Combinator, Capital 49, and angel investors including Mercury’s CFO Dan Kang.

“Within nine months of formation, we had customers [with] north of 100 employees ripping out NetSuite and putting in Campfire,” said CEO John Glasgow. Clients migrating from NetSuite include Advisor360, Rhumbix, and Fooji.

Glasgow, a seasoned finance executive, joined YC in 2023 and previously worked at Invoice2go, acquired by Bill.com for $625M. Inspired by his M&A experience, he launched Campfire to automate accounting drudgery like reconciliations, revenue forecasts, and due diligence using AI.

Campfire is now positioned as a next-gen ERP that modernizes outdated 1990s-style enterprise software with an LLM-native approach.

Read more at Campfire’s official announcement.