TechCapsules

AI-summarised brief · reviewed before publication

Campfire, an AI-powered accounting startup, has secured a $35 million Series A funding round led by Accel, with participation from Foundation Capital, Y Combinator, Capital49, and angel investors, including Mercury's CFO Dan Kang. This investment comes just nine months after the company's formation. According to founder and CEO John Glasgow, Campfire has already seen significant traction among startup customers, who are migrating from traditional ERP systems such as NetSuite. "Within nine months of formation, we had customers with north of 100 employees ripping out NetSuite and putting in Campfire," Glasgow stated. Some of Campfire's notable customers that have made the switch from NetSuite include wealth management platform Advisor360, construction software startup Rhumbix, and customer experience company Fooji. Glasgow's experience in finance spans over 15 years, having worked for Fidelity, Union Square Advisors, and others. Prior to founding Campfire, he worked at Invoice2go, an Accel-backed startup, where his manager was formerly from Adobe. In the fall of 2021, Invoice2go was acquired by Bill.com for approximately $625 million. This experience not only provided Glasgow with the financial resources to pursue his own startup but also influenced his vision for Campfire. Notably, Glasgow is also a Y Combinator alumnus, having attended the prestigious program in the summer of 2023. Despite being an atypical founder in terms of age and experience, Glasgow found the experience valuable, even sharing a humorous anecdote about being the "hot commodity" at a YC bingo event due to being one of the few parents in the program. With this Series A funding, Campfire is poised to continue its momentum in the ERP space, providing AI-powered solutions to startups and beyond.