Bench Raises $18 Million to Simplify Small Business Accounting, Cuts Prices Through Automation
Bench (www.bench.co), America’s largest bookkeeping service for small businesses and independent professionals, today announced it has raised $18 million in Series B-1 funding led by iNovia Capital with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank. The new capital will enable Bench to accelerate development of its human-powered automation platform, grow the team and expand the service.
Bench has developed a proprietary automation platform that reduces labor time by 75 percent for a typical bookkeeper. Increasing automation enables Bench to consistently lower prices for clients as bookkeepers become more efficient. Through its advancements in automation, including the release of a deep learning platform, Bench has reduced its prices 10-30% for all clients. In addition, Bench’s rapidly growing team of bookkeepers are able to devote more time providing exceptional customer support to Bench’s small business clients and less time updating spreadsheets.