Campfire announced a USD 65M series B funding, spearheaded by Accel and Ribbit. The fundraising was also backed by Y Combinator, Foundation Capital, and some elite business executives.
In just 12 weeks, the company’s net funding rose to USD 100 M, featuring momentum and adoption for AI-powered fintech solutions.
The development came into light amid stellar growth for Campfire, involving a 10x year-to-date revenue spur, supported by catalyzing demand from innovative businesses such as Decagon, Replit, and PostHog.
Campfire addresses a critical shift in the finance sector: lean teams are now automating manual processes to focus on analysis, insight, and strategic growth. By leveraging AI, finance teams are closing months up to five times faster and reclaiming up to 144 days annually to concentrate on leadership and expansion.
Proprietary Large Accounting Model (LAM) is crucial to Campfire’s innovation. It is the first AI model from the ERP circle trained distinctly on accounting insights. LAM offers more than 95% accuracy on activities such as variance analysis and reconciliations.