Announcing our investment in Rillet

We’re excited to announce our investment in Rillet’s $100M Series C.

Every single business runs a general ledger. Most however are still running one built for a different era. Incumbent ERPs were designed around periodic closes, manual reconciliations, and reporting after the fact. Finance and accounting teams live inside of the ERP, but talk to any corporate finance professional and the sentiment is the same: ERPs today look and feel the same as they did in the 90s, but cost 10x as much!

Yet they persist. Why? Replacing the ERP is one of the most consequential technology decisions a CFO can make, and getting it wrong is disastrous. The ERP touches every transaction, financial statement, audit, and board report. Companies do not replace it simply to experiment with a new feature or for promises of saving a few bucks. They do it when there’s no other way to run the business, when the business’s operational and financial needs have outgrown what their ERP can offer.

Rillet is rebuilding the ERP from the ground up for the AI era. For more than a decade, the office of the CFO has implemented software workflow-by-workflow, leading to a constellation of software around the ERP with increasingly shaky integrations. Rillet is doing something more ambitious: rebuilding the general ledger as the place where financial professionals and AI agents run finance together.

Rillet’s CFO agent, Aura, lives inside the GL and is fully integrated across all customer systems. Aura’s comprehensive, real-time access to the source data turns close into a two week, month-end sprint to an ongoing process. Aura can work on everything that makes finance teams pull their hair out - reconcile accounts, propose accruals, prepare journal entries, run deferred-revenue roll-forwards and prepaid amortization, investigate variances, the list goes on - and return completed, review-ready results to finance teams. Human <> Agent collaboration makes every CFO’s dream within reach: zero-day close.

Rillet’s recent momentum reflects the product's magic. New ARR doubled over the last quarter, and the company now serves more than 600 customers, including public companies and large enterprises. Customers are replacing legacy systems including Oracle Fusion, SAP, Workday, and NetSuite and choosing to run their companies on Rillet. 

And of course, becoming the system of record for larger and more complex organizations requires more than product innovation. It also requires implementation expertise, audit readiness, and the confidence of the broader accounting ecosystem. Rillet is building that foundation through its alliance with EY, which combines Rillet’s general-ledger-first platform with finance transformation, risk, controls, and operating-model expertise, as well as partnerships with more than half of the top 20 CPA firms.

Why the GL is the biggest opportunity in the CFO stack

Over the years, we have been fortunate to partner with BILL, Monto, Klarity, Papaya Global, and Abacum across the CFO stack. Scale led BILL’s, then Bill.com, investment in 2013 as the company was just crossing $10 million in ARR. Rory joined the board then, staying through the company's IPO in 2019 and the years that followed.

BILL showed us what can happen when a company takes a universal but frustrating finance workflow and makes it dramatically simpler, while earning the trust of accountants, financial institutions, and finance teams everywhere. It also reinforced that the defining companies in financial software pair a better product with deep controls, ecosystem credibility, and a long-term approach to the category.

What’s greatly fitting in our history of investing in this market is each of those workflows ultimately rolls up into the same place: the general ledger. It is the largest line of spend in the stack and the place where the complete financial picture comes together. Because the GL contains the single end-to-end financial data source, the platform that owns it is uniquely positioned to own the intelligence and workflows around it. 

We couldn’t be more excited to partner with Nic and the entire Rillet team as they build the AI-native ERP for the next generation of companies.