Bench, the TechStars-backed bookkeeping service for SMBs, has at this time introduced the shut of an $18 million B-1 funding spherical led by iNovia Capital. Present 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 fundamental 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 concentrate on customer support and CRM.
Bench affords varied tiers for purchasers, based on the scale of the transactions. Over the past yr, the corporate has lower costs by 10 p.c to 30 p.c.
Bench at present has greater than 250 workers, with 150 bookkeepers on workers.
CEO Ian Crosby says his biggest problem is his personal inexperience.
“I’m a first-time founder, and I’m having to learn to be the CEO of the biggest firm I’ve ever run,” stated Crosby. “The largest problem is my very own inexperience, which is one thing I’m consistently attempting to mitigate.”
Crosby hopes to make use of the funding to gasoline development and fund momentum of the corporate, with the objective of enhancing the automation facet of the corporate even additional and in the end decrease costs.