Altos Ventures has led a $7 million Series A funding round in online bookkeeping service Bench. Contour Venture Partners also participated in the funding round.
Bench announces they have closed a $7 million Series A round, bringing total funds raised for the three-year old company to $9.1 million. The investment was led by Altos Ventures with participation from Contour Venture Partners. Funds will be used to accelerate growth and meet rapidly increasing workforce demand.
“It’s not every day that you come across a solution that completely redefines the space in which it operates,” says Anthony Lee of Altos Ventures. “Bench does that, and we’re excited to be involved with one of the most promising financial tech companies in the market.”
Founded in 2012, Bench pairs business owners with professional bookkeepers and a platform that enables clients to get a detailed financial view of their business. To date the company has processed over $1.6 billion in bookkeeping transactions for businesses across North America and has been growing revenue on average 20% month over month for the past 15 consecutive months. Bench currently has over 110 employees and is adding an average of 4 employees per week.
Bench CEO, Ian Crosby, attributes the company’s rapid growth to the way it fundamentally solves the problem of bookkeeping. “Bench provides everything a business owner needs to reliably hand over their bookkeeping work,” he says. “This has struck a chord with entrepreneurs who often struggle to find quality, affordable bookkeepers or the time to look after it themselves,” he says.
Matt Gorin of Contour Venture Partners agrees that Bench’s unique solution is at the core of its success. “By seamlessly integrating live bookkeepers into an intuitive software experience, Bench has been able to deliver an unparalleled, one stop experience for small businesses at a disruptive price,” he says.
Bench is an online bookkeeping service that pairs business owners with professional North American, web-based bookkeepers and custom-built accounting software. Founded by Ian Crosby and Jordan Menashy, Bench launched out of New York City and is now based in Vancouver, BC. Bench’s bookkeepers are available to clients via phone, email, or in-app messaging through the Bench web app. By integrating live bookkeepers into their software experience, Bench combines the convenience and efficiency of modern technology with the expertise and time-savings afforded by a professional service.
Correction: A previous version of this story incorrectly named Atlas Ventures rather than Altos Ventures as leading the funding. The story has been updated.