Bench Accounting, is a fintech company that uses proprietary software to automate bookkeeping and provide financials for small business owners. Bench was founded in 2012 by Ian Crosby, along with Jordan Menashy, Adam Saint, and Pavel Rodionov. 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 350 people out of its Vancouver headquarters.
History
In November 2010, Ian Crosby and Jordan Menashy co-founded 10Sheet Services, Inc., after identifying the need for an online bookkeeping solution for small business owners. Adam Saint and Pavel Rodionov joined Crosby and Menashy as co-founders in 2012. They were accepted into the startup accelerator program Techstars NYC in 2012 and by July 2013, they had raised $2 million in seed capital and settled on the official name, Bench.
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.
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. 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.
