As AI reshapes enterprise software, Campfire’s rapid growth signals a new era for finance and accounting teams.
SAN FRANCISCO, June 30, 2025 /PRNewswire/ — Campfire, the rapidly emerging leader in AI-native enterprise resource planning (ERP) software, today announced it has raised $35 million in Series A funding led by Accel, with participation from existing and new investors including Foundation Capital, Y Combinator, Capital 49, and angel investors including, Marten Abrahamsen, CFO at Vercel, Dan Kang, CFO at Mercury, Alex Estevez, Former CFO at Atlassian, Michael Gordon, Former CFO at MongoDB, Sowmya Ranganathan, Former Controller at OpenAI, and Jack Zhang, Co-Founder & CEO at AirWallex.
The round accelerates the company’s mission to redefine finance for the AI era—fueling deeper product development, major investments in GenAI, and expanded reach to serve more ambitious companies globally.
ERP is one of the largest and most established markets in enterprise software, with a market capitalization of over $1 trillion across legacy incumbents such as Oracle, SAP, and Intuit. These platforms, built decades ago, have struggled to keep pace with the demands of today’s fast-moving, modern businesses. Campfire is seizing this moment of massive disruption, building a fully modern, AI-first ERP platform that is already winning over customers from established players like NetSuite and SAP.
“I founded Campfire because, as a customer, I lived through the pain of a legacy ERP that was holding us back. Our team has rebuilt ERP from the ground up, leveraging the latest in AI and modern architecture so finance teams can accelerate their monthly close, unlock deeper financial insights, and make smarter decisions,” said John Glasgow, Campfire CEO and Founder. “Accel was a great partner and investor from my time at Invoice2go, where I was an exec and led the company’s $625M sale to Bill.com. I’m thrilled to be partnered with the Accel team again. Their conviction and partnership provide credibility and confidence for the next stage of growth.”
The company’s GenAI conversational interface, Ember AI, powered by Anthropic’s Claude models, enables finance teams to interact with their data using natural language, run advanced reporting, and automate manual tasks—delivering real productivity gains and financial insights.
“At Accel, we have a long history of backing transformative software companies—including CrowdStrike, which redefined cybersecurity; Slack, which revolutionized workplace productivity; and Scale AI, which set the standard for AI infrastructure. We believe Campfire has the potential to reshape the ERP market similarly,” said John Locke, Partner at Accel and Campfire Board Director. “We have worked with John Glasgow previously, and believe his deep experience in finance gives him unique insight into the challenges CFOs face and how AI can elevate finance teams. Campfire’s rapid product execution, customer traction, and vision for an agentic future make them uniquely poised to lead this next wave of innovation.”
Campfire’s platform has already displaced legacy products at a number of enterprises, with customers such as Replit, Trust & Will, Coder, and others praising its ease of use, automation features, and ability to support complex, global organizations.
“I’ve implemented Campfire entirely in-house, not once, but twice. Both times, we closed our books just three weeks after signing,” said Brian Ehrlich, Finance Director at Flex. “At Flex, Campfire saved us over $300K in implementation costs, avoided hiring 1–2 full-time staff, and provided us with a scalable system that supports us through 1,000+ employee growth. With Campfire, we went from incomplete reconciliations to full GAAP accrual accounting and significantly faster close. It’s a modern, AI-powered platform that will grow with us well into the future—automating what used to take teams of people, with no consultants required.”
“As a lean team with complex, high-volume needs, NetSuite created more friction than momentum as we continued to scale,” said Zach Doyle, Accounting Manager at Advisor360. “Campfire was the modern ERP that could move at our pace. Campfire has helped us streamline financial processes, increase velocity, and build the foundation to scale with the business, while helping us stay lean as we grow.”
“As a fast-growing AI software development company, our accounting team manages complex customer contracts,” said Daniel deCoen, Controller at Coder. “Campfire is the AI-native ERP flexible enough to keep up, automating complex revenue logic and providing us with clarity as we scale.”
“At Trust & Will, our rapid growth introduced complex financial challenges that required a modern, flexible infrastructure. As an AI-native ERP, Campfire uniquely matched the speed, complexity, and ambition of our business,” said Ron Wangerin, CFO at Trust & Will. “By automating manual processes and delivering deeper financial insight, Campfire has given our team the clarity and time to focus on strategic work and partner with us as we scale.”
The ERP market is at an inflection point, with a “great unbundling” opportunity emerging as AI and cloud-native architectures reshape the landscape. Campfire’s San Francisco-based team has rapidly developed a category-defining AI-native ERP designed to support companies from startup through IPO. This funding will further accelerate the company’s mission.
As part of this next chapter, Campfire is launching Finance Forward, the first summit dedicated to empowering finance and accounting teams with the tools, knowledge, and community to thrive in the AI era. Sign up here to learn more.
About Campfire
Campfire is the AI-first ERP powering modern finance and accounting teams. A full replacement to legacy ERPs, it offers a general ledger, revenue automation, close management, and so much more—all on one unified platform. Campfire empowers finance teams with powerful, intuitive software that saves time on the monthly close, unlocks deeper financial insights, and scales with you. The company is headquartered in San Francisco and is backed by Accel, Foundation Capital, Y Combinator, Capital49 and notable finance execs from public and private companies. For more, visit www.campfire.ai.
About Accel
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Bumble, CrowdStrike, Fiverr, Flipkart, Freshworks, Qualtrics, Scale, Segment, Slack, Spotify, Squarespace, Tenable, and UiPath are among the companies Accel has backed over the past 40+ years. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.X.com/accel.
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SOURCE Campfire Software, Inc.