Bench Raises $18 Million to Simplify Small Business Accounting, Cuts Prices Through Automation
VANCOUVER, Canada--(BUSINESS WIRE)--Bench (www.bench.co),
America's largest bookkeeping service for small businesses and
independent professionals, today announced it has raised $18 million in
Series B-1 funding led by iNovia Capital with participation from
existing investors Bain Capital Ventures, Altos Ventures, and Silicon
Valley Bank. The new capital will enable Bench to accelerate development
of its human-powered automation platform, grow the team and expand the
service.
Bench has developed a proprietary automation platform that reduces labor
time by 75 percent for a typical bookkeeper. Increasing automation
enables Bench to consistently lower prices for clients as bookkeepers
become more efficient. Through its advancements in automation, including
the release of a deep learning platform, Bench has reduced its prices
10-30% for all clients. In addition, Bench's rapidly growing team of
bookkeepers are able to devote more time providing exceptional customer
support to Bench's small business clients and less time updating
spreadsheets.
"2017 was a milestone year for Bench as our approach to human-powered
automation continued to take hold in the US," said Ian Crosby,
Co-Founder and CEO at Bench. "Together with our clients and partners, we
are redefining what high-quality, cost-effective and efficient
bookkeeping means and helping small business owners and accountants
build and grow their companies."
"This new capital will accelerate the development of Bench's cognitive
augmentation platform-- a key element of the company's ability to deliver
incredibly high-quality yet cost-effective bookkeeping services. Bench
is a fantastic application of iNovia's future of work thesis. We look
forward to working with the team as they advance their product and bring
Bench to a broader audience," said Shawn Abbott, Partner at iNovia
Capital, and new Bench Board member.
Business momentum through human-powered automation
2017 was a year of record growth and business acceleration for Bench,
including:
Bench software enhancements now automate 60 percent of a typical
bookkeeper's job.
Bench bookkeepers have crunched over $19b in funds to provide accurate
and timely financial transparency to US small businesses.
Deloitte recognized Bench as the 17th fastest growing company is North
America as part of their annual North
America Fast 500 awards.
Bench has partnerships with leading business technology tools
including Shopify, Gusto, Mindbody and Phoenix Bookkeeping Stripe.
Today's announcement brings Bench's total venture funding to $53m.
Bench now has over 250 employees.
To learn more about Bench visit https://bench.co/.
About Bench
Bench is the largest bookkeeping service in America for small
businesses. The five-year-old company organizes the financials of small
businesses, independent contractors, and entrepreneurs. Pairing its
intuitive software with a live bookkeeping team, Bench combines the
convenience and efficiency of modern technology with the expertise and
time-savings afforded by a professional service to let business owners
get back to doing what they love: running their business.
Bench was co-founded out of New York by Forbes 30 Under 30 winner, Ian
Crosby in 2012. It has raised $53m to date, services thousands of
business owners across the country and currently employs over 250 people
out of its North American headquarters.
About iNovia Capital
iNovia is an early stage venture capital firm that invests in
category-defining technology startups. Epic companies are forged by
exceptionally qualified founders; iNovia supports these remarkable
individuals with custom playbooks for attracting talent and scaling
efficiently. Together we perfect the craft of building digital platforms
and services that transform old industries and push technology
frontiers. iNovia manages $500M across three funds and invests across
Canada and the United States. For more information, visit www.inovia.vc.
https://www.businesswire.com/news/home/20180131005373/en/Bench-Raises-18-Million-Simplify-Small-Business
America's largest bookkeeping service for small businesses and
independent professionals, today announced it has raised $18 million in
Series B-1 funding led by iNovia Capital with participation from
existing investors Bain Capital Ventures, Altos Ventures, and Silicon
Valley Bank. The new capital will enable Bench to accelerate development
of its human-powered automation platform, grow the team and expand the
service.
Bench has developed a proprietary automation platform that reduces labor
time by 75 percent for a typical bookkeeper. Increasing automation
enables Bench to consistently lower prices for clients as bookkeepers
become more efficient. Through its advancements in automation, including
the release of a deep learning platform, Bench has reduced its prices
10-30% for all clients. In addition, Bench's rapidly growing team of
bookkeepers are able to devote more time providing exceptional customer
support to Bench's small business clients and less time updating
spreadsheets.
"2017 was a milestone year for Bench as our approach to human-powered
automation continued to take hold in the US," said Ian Crosby,
Co-Founder and CEO at Bench. "Together with our clients and partners, we
are redefining what high-quality, cost-effective and efficient
bookkeeping means and helping small business owners and accountants
build and grow their companies."
"This new capital will accelerate the development of Bench's cognitive
augmentation platform-- a key element of the company's ability to deliver
incredibly high-quality yet cost-effective bookkeeping services. Bench
is a fantastic application of iNovia's future of work thesis. We look
forward to working with the team as they advance their product and bring
Bench to a broader audience," said Shawn Abbott, Partner at iNovia
Capital, and new Bench Board member.
Business momentum through human-powered automation
2017 was a year of record growth and business acceleration for Bench,
including:
Bench software enhancements now automate 60 percent of a typical
bookkeeper's job.
Bench bookkeepers have crunched over $19b in funds to provide accurate
and timely financial transparency to US small businesses.
Deloitte recognized Bench as the 17th fastest growing company is North
America as part of their annual North
America Fast 500 awards.
Bench has partnerships with leading business technology tools
including Shopify, Gusto, Mindbody and Phoenix Bookkeeping Stripe.
Today's announcement brings Bench's total venture funding to $53m.
Bench now has over 250 employees.
To learn more about Bench visit https://bench.co/.
About Bench
Bench is the largest bookkeeping service in America for small
businesses. The five-year-old company organizes the financials of small
businesses, independent contractors, and entrepreneurs. Pairing its
intuitive software with a live bookkeeping team, Bench combines the
convenience and efficiency of modern technology with the expertise and
time-savings afforded by a professional service to let business owners
get back to doing what they love: running their business.
Bench was co-founded out of New York by Forbes 30 Under 30 winner, Ian
Crosby in 2012. It has raised $53m to date, services thousands of
business owners across the country and currently employs over 250 people
out of its North American headquarters.
About iNovia Capital
iNovia is an early stage venture capital firm that invests in
category-defining technology startups. Epic companies are forged by
exceptionally qualified founders; iNovia supports these remarkable
individuals with custom playbooks for attracting talent and scaling
efficiently. Together we perfect the craft of building digital platforms
and services that transform old industries and push technology
frontiers. iNovia manages $500M across three funds and invests across
Canada and the United States. For more information, visit www.inovia.vc.
https://www.businesswire.com/news/home/20180131005373/en/Bench-Raises-18-Million-Simplify-Small-Business
