AI-powered accounting startup Campfire has successfully raised $35 million in Series A funding, with Accel leading the round. This investment round also saw participation from Foundation Capital, Y Combinator, Capital49, and notable angel investors, including Mercury CFO Dan Kang.
Founded by John Glasgow in 2023, Campfire aims to revolutionize enterprise resource planning (ERP) software—a field historically dominated by traditional incumbents like NetSuite—by integrating advanced artificial intelligence models into core accounting tasks.
Within just nine months of its inception, Campfire began attracting clients who opted to replace their NetSuite setups with its more automated and intelligent ERP solution. Prominent companies that made the switch include wealth management provider Advisor360, construction software firm Rhumbix, and customer experience innovator Fooji.
Glasgow, who founded Campfire following a successful career spanning over 15 years in finance, previously held senior roles at Fidelity and Union Square Advisors. His journey into entrepreneurship was accelerated when Adobe’s former executive brought him along to Invoice2go, a startup eventually acquired by Bill.com for approximately $625 million in 2021. Glasgow’s experiences there, particularly in handling complex financial reconciliations and merger diligence processes, inspired him to create a simpler, AI-driven financial tool.
Campfire leverages large language model (LLM)-based technologies to streamline financial workflows, such as reconciling AWS cloud computing expenses, creating detailed cash-flow analyses, and generating insightful financial reporting through straightforward, conversational prompts.
According to Glasgow, the platform notably slashes the accounting close process for clients—from an average of 15 days to just three—significantly accelerating monthly financial operations. Its early growth trajectory has been impressive; starting from seed stage, the startup amassed around 100 customers and expanded its team to 12 employees, with one global client already tracking toward an annual recurring revenue of $250 million.
Accel’s interest in Campfire’s early-stage potential is notable, as investor John Locke usually focuses on growth-stage investments. However, impressed by Glasgow’s track record and early customer success, Locke believed strongly enough in Campfire’s vision and market opportunity—estimated at $56 billion worldwide—to lead the substantial Series A round.
Though still comparatively tiny relative to Oracle’s multi-billion-dollar NetSuite division, Campfire’s rapid adoption among tech startups signals genuine market appetite for a next-generation ERP solution. This latest funding round positions Campfire to scale further, setting the stage for significant disruption in legacy ERP software.
