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, an AI-powered accounting startup, has raised $65 million in a Series B round just months after closing on a Series A.

and co-led the round, which brings the San Francisco-based startup鈥檚 total raised to $103.5 million since its 2023 inception.

Most founders count themselves fortunate if they go a couple of years between each venture round. However, in every cycle, there are a few outliers who raise funds much faster.

The past couple of years have offered plenty of examples of those types of companies. According to 附近上门 , a sizable cohort of companies has progressed from Series A to Series C between 2023 and this year. Several have managed to scale all three stages in less than 12 months.

In Campfire鈥檚 case, a common history between Campfire CEO and founder and , partner at Accel, was a factor in the fast fundraising pattern.

The two first met when Glasgow was working at , a startup that was by fintech giant in July 2021 for $625 million. Locke was also an investor in Invoice2go, where Glasgow was a vice president of business development and partnerships before the acquisition.

Glasgow eventually left Bill, which he joined after the buyout, to start Campfire with the goal of building an AI-native ERP, or enterprise resource planning software, for 鈥渕odern鈥� finance and accounting teams at mid-sized and enterprise companies.

Campfire participated in startup accelerator Summer 2023 batch.

鈥淲e went our first two years since YC with just $3.5 million in funding,鈥� Glasgow said in an interview. 鈥淎nd we still had about half of it. But then we felt an intense market pull, so we raised a Series A.鈥�

The startup went on to raise $35 million in a Series A funding round led by Accel this past June. Since that round, Campfire has quadrupled its team from 10 to 40 employees, according to Glasgow.

After Campfire鈥檚 last raise, several Accel portfolio companies reached out to demo Campfire, in addition to other companies that had generally heard about its offering for the first time, according to Locke.

鈥淭he demand is quite a bit higher than what we even anticipated,鈥� he said. 鈥淎nd we want to make sure that John and the team are appropriately enough capitalized to meet that demand.鈥�

Campfire鈥檚 customers include , , , and , among others.

Overall, the demand for new ERPs is high, and that鈥檚 evidenced by the amount of venture dollars flowing into the space.

on Oct. 2 announced a $90 million co-led by and at a $415 million valuation. And on Aug. 6, announced that it raised $70 million in a Series B funding round co-led by and .

Meanwhile, for Locke, having worked with Glasgow previously was also another factor in his feeling comfortable in writing another check into the company so soon after his first.

鈥淭his is the second time that he and I have worked together, and I have a tremendous amount of confidence in John as a leader and recruiter,鈥� he said. 鈥淎nd he’s added some really terrific people to the company in a short amount of time.鈥�

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Related reading:

• These Are The Speediest Companies To Go From Series A To Series C
• Fintech Startup Rillet Lands $70M Series B From a16z, Iconiq Just 12 Weeks After Last Raise

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