Bench Accounting said Thursday that it closed $1 million in funding. The investors were Contour Ventures, Alpine Meridian, Lerer Ventures, Quotidian Ventures and various unnamed angels. This $1 million is an add-on to the $2.1 million in seed funding that Bench raised last summer, bringing the total tally to $3.1 million. With offices in Vancouver and New York City, Bench Accounting is a provider of virtual bookkeeping services.
NEW YORK — JANUARY 30, 2014 (embargo for 11:00 AM ET) — Bench Accounting, the virtual bookkeeping service that combines personal (human) bookkeepers with a web-based app, announces today it has raised an additional $1 million from Contour Ventures, Alpine Meridian, Lerer Ventures, Quotidian Ventures, and a team of angels. This $1 million supplements the $2.1 million that Bench raised in their seed round announced this summer, bringing the total funds raised to $3.1 million. Since their relaunch last July, Bench has seen 30% month over month growth and reveals that it has processed over $160 million in bookkeeping transactions for small businesses across North America.
“Bench’s model fundamentally changes the way bookkeeping services are delivered to small businesses,” says Pedro Torres Picón of Quotidian Ventures. “They are a perfect example of our investment thesis; a company that is modernizing a large traditional industry through the clever application of technology.”
Bench’s platform aims to provide a better way for small business owners to collaborate with their bookkeepers, using web and mobile apps to streamline onerous tasks like sending documents and viewing reports. By leveraging emerging technologies and moving the service online, Bench is disrupting the traditional brick and mortar service model of bookkeeping and automating its labor intensive processes. This enables Bench to deliver a scalable bookkeeping service with a modern interface for a fraction of the cost of a traditional bookkeeper.
“With the relaunch this summer, we emphasized the human element of our solution – with Bench you get more than just software but also a professional bookkeeper to do your books for you. This struck a chord with small business owners, who are less concerned with apps and more concerned with having their bookkeeping done,” says Jordan Menashy, co-founder of Bench. “Since then we’ve seen extraordinary growth, suggesting we’re on the right track to truly solving this problem for entrepreneurs. This new investment will support us in our continued growth and we look forward to welcoming more small businesses to Bench.”
Bench’s bookkeepers are professionals recruited from top colleges and accounting firms across North America. They are available to Bench clients via phone, email or through its web app. By integrating live bookkeepers into their software experience, Bench is able to combine the convenience and efficiency of modern technology with the expertise and time-savings afforded by a professional service.
About Bench Accounting
Bench is a virtual bookkeeping service that combines smart software with North American, web-based bookkeepers. Founded by Ian Crosby and Jordan Menashy, Bench launched out of TechStars New York in 2012 and is based out of Vancouver.