We’re coming out of stealth with $3.5M in funding and announcing our modern accounting platform for tech companies!
We have some exciting news to share today — we’ve raised $3.5M million in Seed funding! Foundation Capital led the funding round with participation from Y Combinator, Twenty Two Ventures and various angel investors consisting of finance and accounting leaders with deep industry experience. Angus Davis, General Partner at Foundation Capital shared why he led the funding round: “The founders have the deep industry experience to pull it off, the product is very impressive, and the team is shipping new features at an unbelievable pace.” We’ve been building towards this launch since we founded the company in June, so this is a big moment for our team.
It’s time for a modern general ledger built in this century
Every category of the accounting/finance tech stack such as payroll (Rippling), corporate card (Ramp/Brex), banking (Mercury/Arc), and procurement (Zip/Airbase) has turned over in the last 15 years except the general ledger. NetSuite stands for Internet Suite and Intacct stands for Internet Accounting - being cloud software is no longer a differentiator 25 years after their initial launch. Their names exemplify the challenges facing modern accounting and finance teams — legacy general ledgers were not built for them.
Visualizing the founding date of the most commonly used accounting and finance software used at tech companies today.
Our founding story
As an exec at Invoice2go (90 employees, Series C), one of the largest pain points that I encountered was that our company had outgrown QuickBooks and our accounting team was consolidating the financials for multiple entities in spreadsheets, but the migration to an ERP was on hold for obvious reasons - even after the expensive, six month migration, we would still be exporting data to perform the real work in spreadsheets. After selling the company to Bill.com and leading partnerships there, I noticed significant innovation happening around core accounting (Brex, Zip, Rippling, etc), but core accounting software like NetSuite hadn’t been touched in 20+ years.
At the same time, my Co-founder / CTO, Fernando San Martin, led back-end engineering at Trovata, the treasury accounting platform used by customers like Square and Etsy. He saw an opportunity to bring enterprise-grade automation to mid-size companies and solve the challenge of large accounting data sets with the growth of FinTech, AI and other high-volume business models.
By combining our collective experience and the expertise of our founding team members Daniel Lantz in engineering and Alex Mercado in go-to-market, we are confident in our ability to drive significant advancements in a category that has lacked innovation for too long.
What makes Campfire different
After interviewing hundreds of accountant and finance leaders in tech, the most common feedback I receive is that no one asked an accountant when designing the currently available general ledger software. Our accountant feedback sessions turned into therapy sessions about the daily software challenges they faced when performing their work. To ensure Campfire is built for today’s accounting workflows, we launched an accountant advisor program on day one at Campfire. We met weekly with our accounting advisors to build the product together. I’ll share one example: we quickly found a common task in accounting software is to export data from accounting software to create a pivot table in spreadsheets, so we built pivot tables directly into Campfire. We also tackled the bigger challenges like automating revenue accounting and reporting for companies with multiple business models such as subscription, usage-based and milestone revenue by unifying the data in our revenue automation product.
Campfire is the only modern accounting software with powerful features such as native multi-entity and currency consolidation. The product is purpose-built for tech companies that are looking to scale their operations for their next stage of growth whether that’s expanding into new geographies, adding new product lines, or doubling revenue.
Company momentum and vision
We’ve been hardening the product since we onboarded our first customer last June and have since been adding larger customers that are Series B and C companies with 150+ employees to power their accounting and financial reporting for their next stage of growth. Customers such as Sprig, Carbon Direct, Delphia and Suger have been instrumental in building the early product with us (more customer stories). We’ve migrated customers from just about every accounting software, including mid-market ERPs, and are saving customers an average of three days on their monthly close process. We’ve committed to every customer that we will support them through IPO, including our own, so our vision is to scale the product with them to 1,000+ employees and beyond because nobody wants to perform another accounting software migration.
"We were hitting the monthly transaction limits and search was painfully slow on Xero, so we selected Campfire as the accounting software for our next stage of growth. We integrated our own product with Campfire’s APIs to automate the transfer of in-product payment data into its general ledger."
Mark Ackerman | CFO @ Populi
Accounting and finance is viewed as a “back office” function, but we see it as the backbone of a company. No one at a company has access to more financial data to empower data-driven decision-making than accounting/finance teams, but manual tasks and legacy software is holding them back from unlocking financial insights and recommendations. Campfire automates these low-value, manual tasks and turns the light on for the financial data, so teams are empowered to focus on high-value, strategic work.
"We migrated from a legacy ERP to Campfire to accelerate our close process. It’s the only solution in the market that is modern, yet has the power to support our global operations across multiple legal entities and currencies."
Andrea Burton, CPA | VP Finance @ Delphia
We will continue to be maniacally focused on customer feedback, which sets our product roadmap. We are building the first accounting platform that has generative artificial intelligence built foundationally into the product, so our 2024 roadmap has material commitments to build upon our vision and existing product to provide superpowers to accounting and finance teams.
