Bench Accounting

Bench Accounting (branded as "Bench") is a fintech company that uses proprietary software to automate bookkeeping and provide financials for small business owners.[1] The company provides subscription access to cloud-based software in combination with in-house bookkeepers.[2] Bench has raised $53M in funding to date[3] and currently employs around 650 people out of its Vancouver headquarters.[4]

Bench Accounting, Inc.
Type of businessPrivate
Available inEnglish
Founded2012
Headquarters
Vancouver
,
Canada
Area servedUnited States of America, Canada
Key peopleJP Durrios (CEO)
Evan Birch (VP Finance)
Jenn Bouyoukos (VP People)
KD Dorsey (VP Sales)
Brittany Hamilton (VP Operations)
Jared Jost (VP Marketing)
Prasad Sristi (VP Product)
IndustryBookkeeping, Tax return preparation
Employees650
URLbench.co
CommercialYes

History

2012: Accepted by TechStars NYC's accelerator program as 10sheet Inc.

2013: Raised $2M in seed capital and launched to the public

2013: Moved to Vancouver, BC and changed our name to Bench

2015: Raised $7M in Series A funding

2016: Raised $16M in Series B funding

2018: Raised an additional $18M in Series B-1 funding

2021: Raised $60M in Series C funding

Funding

Bench launched their product to the general public in 2013[5] after raising a $2 million seed round,[6] followed by $7 million in Series A funding[7] led by Altos Ventures, with Contour Venture Partners participating. In January 2014, Bench Accounting raised $1 Million from VCs and angel investors.[8] In 2016, they raised $16 million in Series B funding,[9] led by Bain Capital Investments, with Altos Ventures, and Contour Venture Partners participating. In 2018, Bench secured $18 million in a B-1 funding round led by iNovia Capital with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.[10]

Product

Features and Integrations

Bench is available on desktop and iOS mobile app. Bench's core product is online bookkeeping software paired with in-house bookkeepers. Services include historical and monthly bookkeeping, cash flow and expense tracking, and financial reporting.[11] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,[12] and PayPal.

In June 2019, Bench launched a new cash flow management tool called Pulse.[13]

As of August 2019, Bench announced BenchTax in partnership with Taxfyle[14] in order to provide tax preparation and filing for clients.

See also

References
  1. "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
  2. "Bookkeeping For Those Who Don't Like Using An App". Forbes. Archived from the original on 2014-03-02. Retrieved 2019-11-06.
  3. "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
  4. "Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work". Inc.com. 18 July 2016. Archived from the original on 2016-07-19. Retrieved 2019-11-06.
  5. "A Virtual Accounting Department for Small Businesses". You’re the Boss Blog. 2013-08-01. Archived from the original on 2014-01-04. Retrieved 2019-11-06.
  6. "Frustrated by lack of venture capital in Canada, startup moves south". Retrieved 2019-11-06.
  7. "Bench Bookkeeping Service Cooks Up $7 Million Series A". TechCrunch. 29 January 2015. Retrieved 2019-11-06.
  8. "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels". Techvibes. Retrieved 2019-11-06.
  9. "Bench raises $16 mln from Bain, Altos, Contour". PE Hub. 2016-05-03. Retrieved 2019-11-06.
  10. "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Archived from the original on 2019-11-06. Retrieved 2019-11-06.
  11. "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada". www.newswire.ca. Archived from the original on 2019-11-06. Retrieved 2019-11-06.
  12. "Integrate Bench Accounting with Square". Square. Retrieved 2019-11-06.
  13. "Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending". www.prnewswire.com. Archived from the original on 2019-06-19. Retrieved 2019-11-06.
  14. "Taxfyle partners with bookkeeping service Bench". Accounting Today. 2017-11-26. Retrieved 2019-11-06.
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