Bench bookkeeping service raises $18 million in funding
Bench, the TechStars-backed bookkeeping service for SMBs, has at the moment introduced the shut of an $18 million B-1 funding spherical led by iNovia Capital. Current buyers, together with Bain Capital Ventures, Altos Ventures, and Silicon Valley Financial institution, additionally participated within the spherical.
Bench first launched out of TechStars NYC in 2012. Again then, the corporate was referred to as 10Sheet, and it aimed to offering accounting/bookkeeping companies to small companies by machine studying and an intuitive consumer interface. Customers merely built-in their company bank cards and financial institution accounts and let Bench do its factor, monitoring transactions and bills to deal with primary accounting for a enterprise.
In 2013, 10Sheet relaunched as Bench with $2 million in seed funding, refocusing the enterprise to extra deeply contain human accountants. Since then, Bench has gone on to crunch $19 billion in bills for its customers, automating 60 p.c of the duties that its bookkeepers carry out. This permits Bench’s human accountants to deal with customer support and CRM.
Bench affords numerous tiers for purchasers, based on the dimensions of the transactions. During the last 12 months, the corporate has reduce costs by 10 p.c to 30 p.c.
Bench presently has greater than 250 workers, with 150 bookkeepers on employees.
CEO Ian Crosby says his best problem is his personal inexperience.
“I’m a first-time founder, and I’m having to learn how to be the CEO of the largest company I’ve ever run,” stated Crosby. “The biggest challenge is my own inexperience, which is something I’m constantly trying to mitigate.”
Crosby hopes to make use of the funding to gas progress and fund momentum of the corporate, with the purpose of bettering the automation aspect of the corporate even additional and finally decrease costs.