Bench raises $23 million to expand its accounting automation features

bench accounting

Vancouver-based Bench has raised $23 million CAD in Series B follow-on funding as part of its product’s expansion.

Bench raised a $20 million Series B in May 2016 led by Bain Capital Ventures, with participation from Altos Ventures and Contour Venture Partners.

Since its launch in 2012, the small business bookkeeping company has processed $19 billion.

This round was led by iNovia Capital, with participation from existing investors Bain Capital Ventures and Altos Ventures. Silicon Valley Bank has also provided the company with funding. As part of this round, Shawn Abbott, serial entrepreneur and iNovia Capital partner will join Bench’s board of directors.

“Opening our doors at home to serve Canada’s small businesses was always the goal, but it was important to me that we perfect our service offering in our first market, the United States, before pursuing a second,” says Ian Crosby, co-founder and CEO of Bench. “I see an enormous opportunity to make things better for Canadian small business owners and couldn’t be more thrilled to bring our learnings and our product home.”

Since its launch in 2012, the small business bookkeeping company has processed $19 billion. The company said it is now expanding its services for Canadian businesses (excluding Quebec) to include GST/HST and PST filing preparation and foreign currency account reconciliation. The company also offers monthly profit and loss statements, updated balance sheet, year-end sales tax report, and a year-end-financial package.

Bench will service companies that make up to $1.5 million in annual sales revenue.

“This new capital will facilitate a Canadian launch and accelerate the development of Bench’s cognitive augmentation platform— a key element of the company’s ability to deliver incredibly high-quality yet cost-effective bookkeeping services. Bench is a fantastic application of iNovia’s future of work thesis,” said Abbott.