New York City-based DualEntry announced Thursday it has launched from stealth with an AI-native ERP software for the mid-market, backed by $90 million in Series A funding led by Lightspeed Venture Partners and Khosla Ventures with participation from GV (Google Ventures), Contrary, and Vesey Ventures.
This brings total funding raised to more than $100 million in the last 15 months, just 18 months after launch.
“The funds will drive growth for DualEntry’s platform, which has already processed $100 billion worth of journal entries with AI automation, saved businesses thousands of hours on implementation and data migration, and signed thousands of global users—ranging from companies with $5 million in revenue to NYSE-listed businesses with hundreds of millions in annual recurring revenue,” the company said in an Oct. 2 media release.
DualEntry’s complete ERP accounting suite covers the full general ledger along with accounts receivable, accounts payable, live bank connections, audit controls, financial planning and analysis, and more. DualEntry is built for multi-entity, multi-book, multi-currency accounting, and is designed to scale with businesses from mid-market to IPO without needing add-ons or external IT support calls.
“When we built our last company [Benitago Group] to $100 million of annual revenue, we outgrew our starter accounting system and needed a system that matched our scale. The first attempt to implement an ERP failed and, once it was finally up and running, it was clunky, slow, and impossible to customize,” Santiago Nestares, co-founder and CEO of DualEntry, said in a statement. “Most of our finance team’s time was spent in the outdated ERP manually entering data. We built DualEntry to get businesses of any size and complexity live in 24 hours, migrating their data quickly with AI-powered mapping—adding value from day one.”
DualEntry’s AI, which it calls “accounting intelligence,” features automated accounting workflows such as bank matching, flux commentary, copilot, intercompany allocations, intercompany eliminations, reconciliation, auto-suggestions, and anomaly detection—all developed with the company’s in-house accountants to cut out repetitive manual work and give finance teams their time back.
More than 13,000 integrations to best-of-breed systems across banking, accounts receivable, accounts payable, customer relationship management, human resources information systems, and more let businesses build “a fully synced source of truth,” pulling workflows out of spreadsheets and silos and giving CFOs fast insights through real-time dashboards, DualEntry said.
The company’s NextDay Migration solution, powered by what DualEntry claims is the world’s first ERP migration engine, gets teams live with its full accounting suite in 24 hours, migrating every line item, subledger, and attachment seamlessly and securely.
DualEntry said it has successfully migrated customers from various platforms—ranging from legacy systems (NetSuite, Sage Intacct, SAP, and Microsoft Dynamics) to systems that are being sunset (Microsoft Great Plains, QuickBooks Desktop, and Peoplesoft) to systems like QuickBooks and Xero.
“Seventy-five percent of CPAs are set to retire in the next decade,” said Benedict Dohmen, co-founder of DualEntry. “This funding comes at a time in the accounting industry where finding new, modern solutions is not a nice-to-have, but a must. In the past, companies that didn’t shift from on-premise to cloud systems found themselves left behind. Now, the possibility to transition from cloud systems to AI-powered systems is widening the gap even further. With the backing of our exceptional partners Lightspeed, Khosla Ventures, and GV—who have funded category-definers like OpenAI, Anthropic, Ramp, Stripe, and Affirm—we’re accelerating our mission to rewrite the ERP playbook.”
More information about DualEntry can be found here.
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