Campfire Raises $65 Million Series B to Redefine How Finance Works in the AI Era

Rhea-AI Summary

Campfire (NYSE:MFA) announced a $65 million Series B on Oct 15, 2025, co-led by Accel and Ribbit, with continued investment from Foundation Capital and Y Combinator and several angel investors.

Total funding exceeded $100 million after this round, reached in just 12 weeks following a $35 million Series A. Campfire reports 10x year-to-date revenue growth, multiple migrations off legacy ERP (including SAP), and enterprise customers on the platform.

The company also announced L.A.M., a proprietary accounting AI model achieving 95% accuracy on workflows like reconciliations and variance detection.

Positive

• $65M Series B co-led by Accel and Ribbit
• Total funding > $100M reached in 12 weeks
• 10x year-to-date revenue growth
• 95% accuracy on reconciliations and variance detection via L.A.M.
• Completed multiple large-scale migrations off SAP

Negative

• None.

Insights

Venture-Focused Product & GTM Analyst

Significant funding and rapid adoption position Campfire as an accelerated entrant into AI-native ERP.

Campfire raised $65 million in a Series B led by Accel and Ribbit, bringing total capital to over $100 million twelve weeks after its Series A. The company reports 10x year-to-date revenue growth and customer migrations from legacy platforms like SAP, which supports the claim of fast commercial traction among both startups and public firms.

The primary dependencies are execution and product reliability: continued migration from entrenched ERP vendors requires repeatable large-scale implementations and sustained accuracy of AI features. Campfire cites 95% accuracy for reconciliations and variance detection via its proprietary L.A.M., which, if sustained, materially lowers operational friction for finance teams. Watch near-term indicators such as expansion of public-company deployments, large migration case studies, and demonstration of L.A.M.'s performance in production over the next 12–18 months.

Total funding reaches $100 million in just 12 weeks as finance teams accelerate the shift to AI-driven operations.

SAN FRANCISCO, Oct. 15, 2025 /PRNewswire/ -- Campfire, the company reimagining ERP for modern finance teams, today announced a $65 million Series B co-led by Accel and Ribbit, with continued investment from Foundation Capital and Y Combinator, along with angel investors including Karim Atiyeh, Co-Founder & CTO at Ramp, Brad Floering, VP of Finance, FP&A at Snowflake, Steve Sidhu, Controller at Clay, Scott Buxton, CFO at Supabase, and Naeem Ishaq, Former EVP, CFO & Chief Strategy Officer at Checkr.

The round comes only 12 weeks after Campfire's $35 million Series A, bringing total funding to more than $100 million. Campfire reached this milestone faster than any other AI-native ERP this year. The raise follows 10x year-to-date revenue growth as finance teams across six continents turn to Campfire to automate manual work, close faster, and scale with clarity.

ERP is one of the largest and most established categories in enterprise software, long dominated by SAP and Oracle - systems that have barely evolved since the 1990s. As AI reshapes how finance operates, Campfire is emerging as the modern alternative, built for today's fast-moving, global teams.

"Legacy ERPs are structured for a different era, and as a finance exec I felt that pain firsthand," said John Glasgow, Founder & CEO at Campfire. "We built Campfire to reimagine ERP for the AI age with workflows that think, learn, and move as fast as finance teams do today. We're proud to deepen our partnership with Accel, who led our Series A, and to welcome Ribbit as a new partner as we bring that vision to more companies around the world."

Campfire's product has seen rapid adoption from both high-growth startup and enterprise businesses. Customers like PostHog, Decagon, Replit, Heidi Health, Klarity, CloudZero, and Advisor360 have replaced legacy systems to run their core financial operations on Campfire.

"Campfire is modern, flexible, and has an intuitive design that makes day to day tasks less of a grind. I'm looking forward to spending more time analyzing, and less time troubleshooting clunky processes. Campfire's AI automates your reconciliations, flags anomalies, and even helps draft reports. It's a real game changer," said Ryan Ang, Controller, Decagon.

"Since we operate in the public markets, we have to be thoughtful with every decision we make. Our team was impressed by the robust features, extensibility of the platform, and granularity of permissioning for a SOX environment. We've enjoyed building with the Campfire team to modernize the future of our accounting, together," said Patrick Journy, CFO, LimaOne (NYSE: MFA).

The company's momentum reflects a broader shift underway in the $3 trillion ERP market. Campfire has grown 10x year to date, completed multiple large-scale migrations off legacy platforms, including SAP, and established partnerships with public company customers listed on the NYSE.

A key part of Campfire's differentiation is its advanced use of AI, including L.A.M. (Large Accounting Model), its newly announced proprietary AI model, trained exclusively on accounting data to automate tasks with industry-leading accuracy. Already achieving 95% accuracy on key workflows like reconciliations and variance detection, L.A.M. represents a foundational step toward fully intelligent finance operations.

"Campfire is building a special company. We're excited to deepen our partnership with John Glasgow and the team, and to work with our friends at Ribbit," said John Locke, Partner at Accel. "Campfire is addressing a massive opportunity in the market, and we look forward to doing the work together to build the ERP for the future." 

"Campfire caught our attention by solving a problem every CFO knows: finance teams still rely on Excel and email while the rest of the organization moves on to modern software," said Nick Shalek, General Partner at Ribbit. "John understands the reality of financial operations because he's experienced them, and that authenticity drives every product decision. By quietly building the infrastructure that makes AI in finance useful, Campfire represents exactly what Ribbit looks for: companies that transform critical but historically underserved functions and industries."

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, Ribbit, 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.

About Ribbit
Ribbit is a global investment firm that partners with visionary entrepreneurs revolutionizing traditional markets. For over a decade, Ribbit has partnered with founders challenging the status quo and building transformative companies across six continents, including Coinbase, Coalition, Credit Karma, Crusoe, Decagon, Groww, Listen Labs, Harmonic, Nubank, ONE, Revolut, Robinhood, and others.

Media Contact
Campfire
hello@campfire.ai

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SOURCE Campfire Software, Inc.

FAQ

What did Campfire announce on Oct 15, 2025 for MFA stock?

Campfire announced a $65M Series B round co-led by Accel and Ribbit, bringing total funding to over $100M.

How fast did Campfire reach >$100M in funding for MFA?

Campfire reached more than $100M in total funding in 12 weeks after its Series A.

What revenue growth did Campfire report that could affect MFA investors?

Campfire reported 10x year-to-date revenue growth.

What is L.A.M. and how accurate is it for Campfire (MFA)?

L.A.M. is Campfire's proprietary Large Accounting Model, reported to achieve 95% accuracy on key workflows like reconciliations and variance detection.

Which investors led Campfire's Series B and who else participated?

The round was co-led by Accel and Ribbit, with continued investment from Foundation Capital, Y Combinator, and several angel investors.

Has Campfire migrated customers from legacy ERP systems relevant to MFA shareholders?

Yes; Campfire completed multiple large-scale migrations off legacy platforms, including SAP, and serves both startup and enterprise customers.