Tech

Bench secures $60m Series C funding

Led by Contour Venture Partners, the investment round was also supported by sage and shopify, as well as existing investors Altos Ventures, iNovia Capital, and BMO T&I

Bench Accounting, a bookkeeping service for small businesses, has raised $60m in a Series C funding round.

Led by Contour Venture Partners, the investment round was also supported by sage and shopify, as well as existing investors Altos Ventures, iNovia Capital, and BMO T&I.

Bench’s total funding now sits at over $100m, having more than doubled as a result of the series C round.

It comes as the firm has launched an integrated offering that includes, banking, cards, payroll, full-service bookkeeping, taxes, and advice on a single software for small businesses.

Through the new service, customers can spend on their Bench cards, while gaining real-time updates regarding profitability and cashflow which feed into the client’s accounting and end-of-year tax filings.

Ian Crosby, CEO at co-founder at Bench said that the group aims to make a “profound difference in the quality of life” of its “one million business owners”.

He added: “We’ve re-imagined Bench from the ground up to do that, and our new funding will allow us to continue reinforcing our product and service vision.

“Entrepreneurs need to focus on their business and their dream. We let them do that, by getting their finances under control and out of the way. And increasingly, we’re working with other globally leading companies to make this a reality.”

Matt Gorin, managing partner and co-founder at Contour, said: “The combination of a comprehensive yet elegant platform and unparalleled service delivered at a disruptive price point makes Bench a highly compelling solution for small businesses across all industries.”

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