Campfire, the AI-powered accounting startup challenging legacy ERP systems, has raised a $35 million Series A round led by Accel. The round also included Foundation Capital, Y Combinator, Capital 49, and angel investors such as Mercury’s CFO Dan Kang.
Founded by finance veteran John Glasgow, Campfire launched in 2023 to replace traditional accounting software like NetSuite with an LLM-driven alternative that automates reconciliation, cash flow analysis, and reporting.
In under a year, Campfire attracted a notable roster of customers, including Advisor360, Rhumbix, and Fooji, all of which migrated from NetSuite. At the seed stage alone, Campfire grew to around 100 customers, among them a global business forecasting $250 million ARR.
Before founding Campfire, Glasgow spent more than 15 years in finance roles at Fidelity, Union Square Advisors, and Adobe, later joining Invoice2go, which was acquired by Bill.com for approximately $625 million.
The platform can automatically reconcile large expenses such as AWS bills and generates visual dashboards with cash flow insights, all accessible via natural-language queries. Early adopters have reported substantial time savings finalizing monthly accounts.
Accel typically invests in later-stage startups but committed to this earlier round based on Campfire’s traction and the size of the ERP market, estimated at $56 billion in 2024. The funding will support scaling the team—currently 12 employees—and expanding the customer base.
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