DualEntry Raises $90 Million In Series A Funding Round

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DualEntry secured $90 million in a Series A round, achieving a post-money valuation of $415 million and bringing total funding to $100 million. The round was co-led by Lightspeed Venture Partners and Khosla Ventures, with participation from GV (Google Ventures), Contrary, and Vesey Ventures—prestigious backers signaling strong confidence in AI-driven enterprise software.

DualEntry, emerging from stealth, launched its AI-powered ERP platform alongside this funding announcement. The company aims to modernize financial operations for businesses outgrowing basic tools like QuickBooks, offering seamless automation and rapid deployment to reduce costs and boost efficiency.

Top-tier VCs like Lightspeed and Khosla, known for backing AI innovators, see DualEntry’s native AI integration as a game-changer in a stagnant market. GV’s involvement adds enterprise credibility, while Contrary and Vesey provide early-stage expertise.

Strategic Implications

This capital injection enables DualEntry to scale amid AI hype, but success hinges on outpacing competitors through proven traction, such as enabling lean finance teams (e.g., one-person operations for $100M+ ARR firms). It underscores investor bets on AI transforming back-office functions, potentially reshaping ERP adoption.

DualEntry’s $90 million Series A funding round marks a pivotal moment for the New York-based AI startup as it exits stealth and positions itself at the forefront of enterprise resource planning (ERP) innovation. Founded in 2024 by co-founders Santiago Nestares and Benedict Dohmen, the company has rapidly built an AI-native platform designed to overhaul legacy ERP systems, which have long plagued mid-market businesses with slow implementations, high costs, and manual drudgery. This round not only elevates DualEntry’s valuation to $415 million post-money but also brings its cumulative funding to over $100 million in just 18 months—a testament to the explosive interest in AI applications for enterprise software.

Funding Round Breakdown

The Series A was co-led by Lightspeed Venture Partners and Khosla Ventures, two firms renowned for their early investments in transformative technologies. Lightspeed, with a portfolio including unicorns like Rubrik and ThoughtSpot, brings deep expertise in scaling SaaS platforms, while Khosla Ventures—founded by Vinod Khosla—has a track record in AI and enterprise bets like OpenAI and DoorDash. Participation came from GV (Google Ventures), which invests in AI infrastructure and tools; Contrary, a seed-stage fund focused on high-potential founders; and Vesey Ventures, emphasizing fintech and enterprise software. This investor syndicate combines strategic depth with financial firepower, providing not just capital but also networks for global expansion and talent acquisition.

The $90 million raise reflects a premium valuation in a competitive landscape, implying a pre-money figure around $325 million based on standard terms. While exact terms like liquidation preferences remain undisclosed, the round’s structure suggests a focus on growth equity to accelerate product-market fit rather than bootstrapped survival. Prior to this, DualEntry likely secured a modest $10 million seed round in late 2024, enabling initial development and stealth-mode validation.

Company Background and Product Innovation

DualEntry was born from the founders’ firsthand frustrations with traditional ERP migrations. Nestares, the CEO, recounted a failed implementation at his previous $100 million ARR startup, where months of delays and manual data entry consumed his finance team’s time. This experience inspired DualEntry’s core innovation: an ERP suite rebuilt from the ground up with AI as the foundational layer, rather than a bolted-on feature.

The platform encompasses a comprehensive accounting stack, including general ledger, accounts receivable/payable, live bank connections, financial planning & analysis (FP&A), and robust audit controls. AI automates up to 90% of repetitive tasks—such as bank reconciliations, intercompany transfers, anomaly detection, and fraud prevention—while supporting multi-entity, multi-currency, and multi-book operations. A standout feature is “NextDay Migration,” an AI-powered engine that maps and transfers historical data (including line items, subledgers, and attachments) from legacy systems like NetSuite, Sage Intacct, SAP, Microsoft Dynamics, QuickBooks, or Xero in under 24 hours. This contrasts sharply with industry norms, where migrations often span 6-12 months and cost millions in consulting fees.

Integrations are a key strength, connecting to over 13,000 third-party systems across banking, CRM, HR, and more, creating a unified data hub for real-time reporting and dashboards. Security and compliance are prioritized, with SOC 2 Type II certification and features like automated audit trails ensuring enterprise-grade reliability. The platform scales effortlessly from $5 million revenue startups to NYSE-listed giants, eliminating the need for custom IT add-ons.

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Traction and Market Validation

In its brief history, DualEntry has demonstrated remarkable velocity. Over the past 18 months, it shipped more than 350 features, onboarded thousands of users across all continents, and processed over $100 billion in AI-analyzed journal entries—saving businesses thousands of hours on setup and operations. Early adopters include high-growth fintechs and public companies; for instance, Slash, a payments firm, now manages $100 million+ in annual recurring revenue (ARR) with a single controller, crediting DualEntry’s automation for enabling this lean structure. CEO Victor Cardenas of Slash noted, “We’ve always prided ourselves on being lean and, now that we work with DualEntry, our goal is to be a $1-billion revenue business—and still have a finance team of just one.”

This traction underscores market readiness for AI-native ERP. The global ERP market, valued at approximately $500 billion, is undergoing a seismic shift from on-premise monoliths to cloud-based, intelligent systems. Legacy players like Oracle NetSuite, Sage, and Acumatica dominate but face criticism for outdated architectures, talent shortages in implementation, and resistance to rapid AI adoption. DualEntry’s mid-market focus—businesses with $10-500 million in revenue—taps into a underserved segment where 70% still rely on QuickBooks or spreadsheets, per industry estimates, creating a ripe opportunity for disruption.

Investor Perspectives and Strategic Vision

Investors are bullish on DualEntry’s timing amid the AI boom. Ravi Mhatre, a Lightspeed partner, emphasized the platform’s role in solving the “talent crunch” in accounting by using AI as a “data consultant” to streamline migrations. Nestares echoed this, stating, “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.” The funds will primarily support team growth—from the current ~40 employees to a larger force—product enhancements, and international rollout, targeting Europe and Asia where ERP adoption lags.

Strategically, this raise positions DualEntry to capture a slice of the AI-ERP wave, projected to grow at 15-20% CAGR through 2030. By natively embedding AI, it avoids the retrofit pitfalls of incumbents, potentially lowering customer acquisition costs through word-of-mouth from quick wins like NextDay Migration. However, challenges loom: intense competition requires sustained innovation, and scaling globally demands navigating data privacy regulations like GDPR.

Broader Implications for the ERP Landscape

DualEntry’s emergence signals a broader reckoning in enterprise software. Traditional ERPs, often 20-30 years old, contribute to the “spreadsheet hell” CFOs endure, with 40% of finance pros citing automation gaps as top barriers to efficiency. By democratizing AI for finance—much like how Salesforce revolutionized CRM—DualEntry could accelerate the cloud migration trend, reducing the $50-100 billion annual spend on ERP consulting. For mid-market firms, this means leaner teams, real-time insights, and IPO-readiness without ballooning headcounts.

In the AI ecosystem, DualEntry joins a cohort of “vertical AI” plays, akin to Harvey for legal or Adept for workflows, but tailored to finance’s rigidity. Its success could validate AI’s ROI in back-office ops, drawing more VC dollars—already evident in 2025’s $20 billion+ AI enterprise investments. Yet, as with any disruptor, execution risks persist: proving long-term retention beyond migrations and fending off incumbents’ AI pivots will be critical.

Looking ahead, DualEntry’s roadmap hints at deeper AI capabilities, such as predictive FP&A and autonomous close processes, potentially expanding into adjacent areas like procurement. With blue-chip backers and proven metrics, it seems poised to “rewrite the ERP playbook,” as one report phrased it, fostering a more agile, AI-empowered future for global businesses.

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