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Bench Accounting
Bench Accounting (branded as "Bench") was 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] As of December 2024, Bench employed around 650 people out of its Vancouver headquarters[3] and had raised over $100M in funding.[4] HistoryBench was founded in 2012 under the name "10sheet Inc." and was accepted into the TechStars NYC accelerator program that same year. The company rebranded as "Bench" in 2013 after relocating to Vancouver, British Columbia, and publicly launched its product.[5] Over the years, Bench secured multiple rounds of venture funding and expanded its services. By 2021, the company introduced "Bench Banking," integrating financial services with its core bookkeeping offerings.[6] FundingBench launched with a $2 million seed round in 2013,[7] followed by $7 million Series A funding in 2015 led by Altos Ventures and Contour Venture Partners.[8] In January 2014, Bench raised an additional $1 million from VCs and angel investors.[9] In 2016, the company raised $16 million in Series B funding, led by Bain Capital Ventures, with participation from Altos Ventures and Contour Venture Partners.[10] This was followed in 2018 by $18 million in Series B-1 funding led by iNovia Capital, alongside existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.[11] In 2021, Bench secured $60 million in Series C funding led by Contour Venture Partners, allowing the company to expand its offerings to include integrated banking services.[12] The company's total funding exceeded $100 million as of December 2024. ProductFeatures and IntegrationsBench 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.[13] Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square,[14] and PayPal. In June 2019, Bench launched a new cash flow management tool called Pulse.[15] As of August 2019, Bench announced BenchTax in partnership with Taxfyle[16] in order to provide tax preparation and filing for clients. Closure & AcquisitionOn December 27, 2024, Bench emailed its customers and posted a notice of closure on its website that the platform would be immediately inaccessible.[17][18] On December 30, it was announced that the company would be acquired by the HR technology firm Employer.com.[19][20] See alsoReferences
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