What is Bench?
Founded in 2013 and headquartered in Vancouver, British Columbia, Canada, Bench Accounting Inc. offers an all-in-one financial toolkit designed to streamline operations for businesses. The platform integrates bookkeeping, invoicing, and tax filing services, providing a centralized solution for financial management. Bench's commitment to simplifying complex financial tasks for entrepreneurs and small to medium-sized businesses has positioned it as a key player in the fintech sector. The company's evolution from its early stages to its current enterprise-level funding reflects a strong product-market fit and a clear vision for empowering business owners.
How much funding has Bench raised?
Bench has raised a total of $94.1M across 6 funding rounds:
Angel/Seed
$2M
Unspecified
$1M
Series A
$7M
Private Equity
$6.1M
Series B
$18M
Series C
$60M
Angel/Seed (2013): $2M with participation from Lerer Ventures, Quotidian Ventures, Primary Venture Partners, and Contour Venture Partners
Unspecified (2014): $1M led by Quotidian Ventures, Contour Venture Partners, Lerer Hippeau Ventures, Notion, Hedgewood, and Alpine Meridian Ventures
Series A (2015): $7M supported by Quotidian Ventures, Contour Venture Partners, Altos Ventures, Lerer Hippeau Ventures, Notion, Hedgewood, and Alpine Meridian Ventures
Private Equity (2015): $6.1M, investors not publicly disclosed
Series B (2018): $18M backed by Inovia, Altos Ventures, Bain Capital Ventures, and Silicon Valley Bank
Series C (2021): $60M with participation from BMO T&I, Inovia, Contour Venture Partners, Shopify, Sage, and Altos Ventures
Key Investors in Bench
Inovia
iNovia Capital is a full-stack venture firm that partners with founders to build enduring global technology companies. They focus on investing in people first, aiming to transform the venture capital landscape.
Altos Ventures
Altos Ventures is a Silicon Valley-based venture capital firm investing in early to growth-stage technology companies across consumer and enterprise sectors. They typically act as the first institutional investor, providing long-term support.
Bain Capital Ventures
Bain Capital Ventures is a prominent venture capital firm that invests in innovative companies. They are known for their strategic approach and commitment to fostering growth and creating lasting impact for their portfolio businesses.
What's next for Bench?
With the recent influx of major strategic investment, Bench is poised for accelerated expansion and product development. The company's trajectory suggests a focus on scaling its operations, potentially broadening its service offerings, and deepening its market penetration. This latest capital infusion will likely fuel advancements in its technology, enhance customer support, and explore new avenues for growth within the competitive financial technology landscape. Bench's strategic backing indicates a strong confidence in its business model and its capacity to innovate within the accounting and tax services industry.
See full Bench company page
