By Elaine Pofeldt,Senior Contributor
Copyright forbes
DualEntry, an AI-native enterprise resource planning (ERP) platform based in New York city., has raised a $90 million Series A round of financing. Lightspeed Venture Partners and Khosla Ventures led the round. Google Ventures (GV), Contrary and Vesey Ventures participated.
DualEntry, which targets scaleups and middle market companies, includes a full accounting suite that automates many manual tasks. Ethan Choi, a partner at Khosla Ventures, said, he was impressed by DualEntry because of capabilities such as one-day migration. “It was probably the most unanimous decision we’ve made as a partnership since Stripe,” he said.
He didn’t fully believe it was possible, but after testing DualEntry, changed his mind. “It’s just one of those moments of disbelief where the impossible, you realize, is possible, powered by AI and powered by true founders who understand the problem so deeply,” he said.
Sam Eisler, partner at Lightspeed said in a statement that the firm led this round “because DualEntry is doing exactly what legacy ERP vendors could not, proving out meaningful value in days rather than months. They have built an AI native architecture that removes the biggest friction of implementation risk, and they have the team with the domain experience and speed to win. It is a rare combination.”
Co-founders Santiago Nestares and Benedict Dohmen said they created the platform after experiencing the stress of using traditional ERP systems themselves.
“We experienced the pain of implementing a legacy system ourselves, and it took us 18 months to go live,” said Dohmen. “It cost hundreds of thousands of dollars. That cannot be the standard of software available to the CFO in 2025, with everything stuck in the 1990s. That’s why we decided to build the first modern system since chat GPT’s launch.”
Santiago Nestares and Benedict Dohmen experienced the pain of using a cumbersome ERP system—and did something about that at their startup, LightSpeed.
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Dohman and Nestares previously co-founded Benitago Group, an ecommerce business acquirer, in 2016. The company raised $380 million in debt and equity and grew to $100 million in annual revenue but had to file for bankruptcy in 2023, under the weight of high interest rates. Cove Brands, a digitally native consumer brands company, acquired the firm in March 2024.
DualEntry has processed $100 billion worth of journey entries, according to the company. Victor Cardenas, CEO and founder of Slash, began using DualEntry recently, as the 42-person firm, based in San Francisco, outgrew QuickBooks. He initially thought they would use NetSuite or Sage, two of the major players in the space but when his controller evaluated all of their options, DualEntry stood out for its capability to handle the high volume of transactions on the platform.
He felt the transition was “seamless”
Although he is now spending about $60,000 a year to use the ERP, compared to about $6,000 for QuickBooks, he believes it is well worth it.
“DualEntry stood out among its competitors due to their product velocity and robustness,” he said. “So many processes that used to be manual are now automated by their AI. They can deal with our high transactionality, provide us with useful and granular reports, and have allowed our finance team to stay extremely lean.”
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