Bench Accounting Inc. has officially announced the closing of its Series B-1 round with US $18 million in funding led by new investor iNovia Capital with participation from existing investors Bain Capital Ventures, Altos Ventures, Silicon Valley Bank, and Canadian, US and international private investors.
The Series B-1 initially closed in mid 2017. Shawn Abbott, Partner of iNovida Capital, has joined Bench Accounting board of directors.
Norton Rose Fulbright Canada LLP acted as legal counsel to Bench Accounting.
Formerly known 10sheet Services, Inc., Bench has now raised US $53 million in equity funding.
Bench intends to use new funding to accelerate development of its human-powered automation platform, grow the team and expand the service.
photo credit: Bench
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 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/.
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.
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