Campfire raises $65M Series B just 12 weeks after its Series A — building the AI-native ERP
Oct 15, 2025 with John Glasgow
Key Points
- Campfire raises $65 million Series B just 12 weeks after Series A, reaching $100 million in total funding on investor conviction that AI-native ERPs can displace 25-year-old incumbents like NetSuite and SAP.
- The company launched a proprietary foundational AI model for accounting tasks, starting with automated bank reconciliation to let finance teams offload manual work and focus on analysis.
- Campfire claims to migrate customers from legacy ERPs in 24 hours to weeks, addressing a structural problem where incumbents cannot scale with AI-native businesses generating millions of transaction rows.
Summary
Campfire, an AI-native ERP targeting mid-market companies, raised a $65 million Series B just 12 weeks after closing its Series A, bringing total funding to $100 million. CEO John Glasgow says the speed of the raise was driven by demand, not a planned timeline — he wasn't expecting to be back in market for a year or two.
Why now
Glasgow traces the investor appetite to two converging forces. The dominant ERP incumbents — NetSuite, SAP — are 25 to 30 years old, founded around the same era as pets.com and Webvan. And while that staleness has always existed, what's new is buyer demand for AI that actually integrates into the finance stack rather than bolting on.
Alongside the Series B, Campfire announced what Glasgow describes as the first foundational AI model built specifically for accounting tasks, trained on a rich accounting dataset. The immediate use case is bank reconciliation — historically manual, transactional work that accountants have always disliked. Glasgow, a former finance executive himself, frames the model as giving accountants a credible way to offload that work and focus on higher-value analysis instead.
The volume problem
Glasgow points to transaction data scale as the structural crack in legacy systems. Campfire's customers — he names Decagon and Replit as examples — are AI-native, usage-based businesses generating hundreds of thousands to tens of millions of rows of transaction data. Glasgow says legacy ERPs physically can't handle that volume, turning what should be an accounting problem into an engineering one. Campfire's pitch is a modern stack that scales with that data and applies its AI layer on top, so finance teams don't have to become engineers.
Migration speed is part of the sales motion. Glasgow says Campfire has moved customers from NetSuite in 24 hours and from SAP in weeks — timelines that, if they hold at scale, would remove one of the traditional barriers to switching ERP systems.
The $100 million raised in roughly three months is a real-time signal of how quickly investor conviction in the category has shifted. Whether Campfire can convert that capital into durable enterprise contracts — against incumbents with deep implementation moats — is the open question.