Software:Bench Accounting
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| Type of business | Private |
|---|---|
| Available in | English |
| Founded | 2012 |
| Headquarters | , |
| Area served | United States of America, Canada |
| Key people | JP 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) |
| Industry | Bookkeeping, Tax return preparation |
| Employees | 650 |
| Website | bench.co |
| Commercial | Yes |
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]
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
- ↑ "Bench Bookkeeping Service Cooks Up $7 Million Series A" (in en-US). 29 January 2015. http://social.techcrunch.com/2015/01/29/bench-bookkeeping-service-cooks-up-7-million-series-a/.
- ↑ "Bookkeeping For Those Who Don't Like Using An App" (in en). https://www.forbes.com/sites/tomtaulli/2014/02/24/bookkeeping-for-those-who-dont-like-using-an-app/.
- ↑ "Bench raises $16 mln from Bain, Altos, Contour". 2016-05-03. https://www.pehub.com/2016/05/3329277/.
- ↑ "Why This Bookkeeping Company Created the Ultimate Guide for Mental Health at Work". 18 July 2016. https://www.inc.com/bartie-scott/bench-mental-health-guide.html.
- ↑ "A Virtual Accounting Department for Small Businesses" (in en-US). 2013-08-01. https://boss.blogs.nytimes.com/2013/08/01/a-virtual-accounting-department-for-small-businesses/.
- ↑ "Frustrated by lack of venture capital in Canada, startup moves south". https://www.theglobeandmail.com/report-on-business/small-business/sb-money/frustrated-with-lack-of-venture-capital-in-canada-startup-moves-south/article16522672/.
- ↑ "Bench Bookkeeping Service Cooks Up $7 Million Series A" (in en-US). 29 January 2015. http://social.techcrunch.com/2015/01/29/bench-bookkeeping-service-cooks-up-7-million-series-a/.
- ↑ "Canadian Startup Bench Accounting Raises $1 Million from VCs and Angels" (in en-US). https://techvibes.com/2014/01/30/bench-accounting-raises-1-million-2014-01-30.
- ↑ "Bench raises $16 mln from Bain, Altos, Contour". 2016-05-03. https://www.pehub.com/2016/05/3329277/.
- ↑ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada" (in en). https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html.
- ↑ "Largest Bookkeeping Service for Small Businesses, Bench, Expands into Canada" (in en). https://www.newswire.ca/news-releases/largest-bookkeeping-service-for-small-businesses-bench-expands-into-canada-672106523.html.
- ↑ "Integrate Bench Accounting with Square" (in en-US). https://squareup.com/us/en/app-marketplace/partners/bench.
- ↑ "Bench Accounting Launches New Real-Time Financial Tool To Help Small Business Owners Track Their Cash And Spending" (in en). https://www.prnewswire.com/news-releases/bench-accounting-launches-new-real-time-financial-tool-to-help-small-business-owners-track-their-cash-and-spending-300859724.html.
- ↑ "Taxfyle partners with bookkeeping service Bench" (in en). 2017-11-26. https://www.accountingtoday.com/news/taxfyle-partners-with-bookkeeping-service-bench.
External links
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