$140M, four-fund cohort, two ex-SAP-architect founders. Either scope-from-day-one beats land-and-expand, or Rillet’s GL-first approach is the safer bet on the same TAM.
May 2026
End-to-end ERP from day one (QTC + P2P + R2R + HR + cloud cost + inventory). Bets on broader scope as wedge.
Everest Systems
$140M total, Sutter Hill / Altimeter / Redpoint / D1[1]
Adding agentic AI, MCP servers, and first-party LLM features on top of legacy schemas. Slow but they have the customers.
NetSuite (Oracle), Sage Intacct, SAP, Microsoft Dynamics
Central question: Does broader scope from day one win mid-market replacement deals, or does GL-first land-and-expand capture logos faster?
“Ninety-nine percent of people on the planet that actually know how to build an ERP are in Germany.”
“CFO has never been fired to choose SAP. If you choose another ERP, you have a high chance.”
Franz Faerber (Co-CEO) — 26 years at SAP, EVP of Technology, original architect of SAP HANA[4].
Sandeep Chopra (Co-CEO) — Veeva VP of Product (industry-cloud lineage); Sutter Hill EIR who incubated Everest[2].
Joachim Fitzer (CTO) — Chief Development Architect for SAP Business ByDesign and SAP Data Hub[2].
Co-CEO model is unusual in ERP — peer companies (Rillet, Campfire) run single-CEO. R&D in Heidelberg 30 minutes from SAP HQ; product / sales / service in Mountain View; offices UK + Brazil. Bloomberg Daybreak Europe segment with Faerber, Jul 2025[13].
| Round | Date | Amount | Investors |
|---|---|---|---|
| Stealth (incremental 2020-2024) | Nov 20, 2024 | $140M total | Sutter Hill, Altimeter, Redpoint, D1[1] |
| Total raised | $140M | Single round disclosed; series label not public |
Lead investor: Sutter Hill heavily implied — Chopra was Sutter Hill EIR; Sutter Hill listed first; Sutter Hill partner Keiron Murphy quoted in announcement[1].
Not disclosed: ARR, customer count, employee headcount, valuation, per-investor allocation, round structure (no Seed / Series A / Series B labels public).
The “build a true ERP” knowledge concentrates in fewer than a thousand people globally; ERP is a multi-decade-systems-knowledge problem, not a fast-iteration software problem. Everest hired three of them.
“Ninety-nine percent of people on the planet that actually know how to build an ERP are in Germany. Having that DNA at the start of the company is because the ERP is such a vast piece of software. It’s the combination of business trends and technology trends and deep, deep domain knowledge.”
“If you are really full-blood developer and full-blood ERP guys and you don’t use this opportunity, then it’s really time to retire. There was no chance to say no.”
Ideal customer profile (ICP): mid-market SaaS — “late-stage QuickBooks customers that have started to Frankenstein already, or already on NetSuite/Intacct”[3]. Replacements prioritized over upgrades.
Pricing: not publicly disclosed. Implies deal-by-deal mid-market, custom contracts.
“Half of our customers now already are coming from replacements of NetSuite, of Intacct, of legacy ERP systems, and the other half are coming through upgrades of bookkeeping software.”
“Everest’s unique approach to AI — empowering ERP business users to develop, test and safely merge their own agents — has changed my mind.”
“Everest stood out for many reasons. The biggest is that it was built by finance minds with SaaS background. They aren’t just a traditional ERP that is being retrofitted to fit us.”
“The amount of features that Everest had — the direct integration with Salesforce, the AI for flux analysis, ARR dashboards. It’s not like any other ERP tool that I’ve ever used.”
| Company | Lead investor | Round | Date | Total raised | ICP framing |
|---|---|---|---|---|---|
| Everest Systems | Sutter Hill | $140M total[1] | Nov 2024 | $140M | Mid-market SaaS, “true ERP” platform-first |
| Rillet | a16z + ICONIQ | $70M Series B | Aug 2025 | ~$109M[16] | VC-backed startups + mid-market; “zero-day close”; GL-first |
| Campfire | Accel + Ribbit | $65M Series B[17] | Oct 2025 | ~$104M[17] | Startups replacing NetSuite; LLM-native general ledger (GL) |
| Doss | Madrona + Premji | $55M Series B[8] | Mar 2026 | ~$73M | Inventory / supply-chain vertical mid-market |
“Are you trying to build a star system or a planet system? It’s really hard to go build a star system after you’ve built a planet system. If you build a great star system, you can be around many planet systems.”
Cohort consolidation already started: Doss announced integration partnerships with both Campfire and Rillet in early 2026[8] — explicitly combining inventory / ops with a GL to compete with Everest’s broader scope.
Oracle / NetSuite shipped MCP server connectors and first-party agentic features in 2025-2026. If NetSuite’s AI catches up enough to bend the curve on customer churn, Everest’s wedge narrows.
Faerber concedes Everest is “doing both [embedded AI + APIs/MCP]”[4] — not dismissive of legacy MCP play.
Key player: NetSuite (Oracle)
Four AI-ERP entrants funded by four major US funds is an inflection. If GL-first players (Rillet $70M Series B, Campfire $65M Series B) capture mid-market faster, they could cap Everest’s beachhead.
Doss + Campfire partnership formalizes the cohort response to Everest’s broader scope.
Key players: Rillet, Campfire, Doss
Microsoft Dynamics, Oracle Fusion, SAP S/4HANA Cloud are all adding agentic features. Slow but they have the customer base. The proven trust of incumbents is the competitive constraint AI-native entrants must overcome.
Faerber: “No CFO would ever go to a generated accounting system and put his head on the table saying it lets me sleep at night”[4].
Key players: Microsoft Dynamics, Oracle, SAP
“It is close to impossible to retrofit, you know, the sophistication of deferred revenue and pro rata recognition backwards into the system.”
“If the customer’s been given a different choice and you don’t evolve, then you have to change your business. Maybe by taking a stronger look at the services side.”
“We’re starting mid-market — late-stage QuickBooks customers that have started to Frankenstein already, or already on ERP. It’s all about referenceability.”
The crucial signal: Which company crosses 100 mid-market customers materially faster — or whether GL-first players successfully expand outward into Everest’s surface area before Everest captures the upper-mid-market. Neither side has decisive evidence yet.
“Now that we are live on Everest, our errors have decreased significantly. With doing a lot of transactions manually — fixed asset depreciation, prepaid amortization, revenue recognition, SSP analysis — all of these were initially done in spreadsheets and then translated into NetSuite via manual journal entry. In Everest, a lot of these are within a push of a button.”
“I had thought about bringing on different ERPs, but the biggest hurdle for me was that I had not had really great experiences in the past with it. The systems are not very intuitive. The amount of features that Everest had — the direct integration with Salesforce, the AI for flux analysis, ARR dashboards — that was all exciting to me.”
“Everest’s unique approach to AI — empowering ERP business users to develop, test and safely merge their own agents — has changed my mind.”
9 transcripts from public-source interviews + 4 web-research files. Provenance disclosure: 7 of 9 transcripts are from Everest’s own YouTube channel (founder + customer testimonials). 2 are from external channels: Bessemer “Systems of Action” Ep 3 (Sandeep Chopra, Dec 2025) and The FP&A Guy podcast (Franz Faerber, Sep 2025). We have not yet commissioned independent expert calls on Everest — the one-sided testimonial base reflects our coverage stage, not a market verdict.
Note: Altis did not have access to Everest management team or internal documents. Independent expert calls are NOT in this corpus — flagged as the primary data gap. Customer count, ARR, and pricing are not publicly disclosed.
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