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. The company provides subscription access to cloud-based software in combination with in-house bookkeepers. Bench has raised $53M in funding to date and currently employs around 650 people out of its Vancouver headquarters.

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 after raising a $2 million seed round, followed by $7 million in Series A funding led by Altos Ventures, with Contour Venture Partners participating. In January 2014, Bench Accounting raised $1 Million from VCs and angel investors. In 2016, they raised $16 million in Series B funding, 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.

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. Bench Bookkeeping also integrates with several other third-party apps including Stripe, Square, and PayPal.

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

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