Following a $18 million USD Series B-1, Bench looks to Transform Small Business Bookkeeping in Canada with Human-Powered Automation
VANCOUVER, Feb. 1, 2018 /CNW/ - Vancouver-based Bench, the largest bookkeeping service for small businesses and independent professionals in America, announced today it has expanded its services in Canada following a $18 million USD Series B-1 ($23 million CAD). Bench, co-founded by Vancouver native Ian Crosby, is British Columbia'sfastest growing tech company, and the fourth fastest growing company in Canada.
Since launching in 2012, Bench bookkeepers have crunched over $19 billion in funds to provide accurate and timely financial insights to thousands of American small business owners across 345 industries. Utilizing advanced automation powered by people, Bench delivers a hands-off bookkeeping experience to time-strapped small business owners and independent professionals at a price that actually makes sense to their business. By combining the convenience and efficiency of modern technology with the expertise and time-savings afforded by a world-class team of professional bookkeepers, Bench makes bookkeeping easy and affordable, so that small business owners can get back to doing what they love: running their business.
Bench will now offer services including annual GST/HST and PST filing preparation, and foreign currency account reconciliation to Canada's1.14 million-plus small businesses, in addition to a monthly Profit & Loss and Balance Sheet, a year-end Sales Tax Report, and a year-end-financial package. Bench is available in all Canadian provinces, with the exception of Québec, and will service Canadian businesses that make up to $1.5 million in annual sales revenue.
"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."
By creating task-specific algorithms and perfecting tools that work seamlessly with bank and payment data, Bench developed an automation platform that streamlines 60 percent of a traditional bookkeeper's tasks, enabling Bench bookkeepers to operate at a pace that is five times faster than traditional bookkeeping solutions.
Bench is backed by iNovia Capital, who led the $18 million USD Series B-1 round, with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank. As part of the investment, Shawn Abbott, serial entrepreneur and Partner, iNovia Capital, has joined Bench's board of directors.
"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," says Abbott.
Small businesses are the lifeblood of the Canadian economy, employing 70 percent of Canada's private-sector labour force, and accounting for about 30 percent of the national GDP. But, faced with systemically poor financial literacy, the odds are stacked against entrepreneurs who want to succeed. Bench aims to change that by providing Canadian small business owners with the organized, tax-ready financials they need to make informed business decisions at a price that makes sense.
Bench is the largest bookkeeping service in America for small businesses. The five-year-old company organizes the financials of small businesses, independent contractors, and entrepreneurs. Pairing its intuitive software with a live bookkeeping team, Bench combines the convenience and efficiency of modern technology with the expertise and time-savings afforded by a professional service to let business owners get back to doing what they love: running their business.
Bench was co-founded out of New York by Forbes 30 Under 30 winner, Ian Crosby, in 2012. It has raised USD$53m to date, services thousands of business owners across the United States and currently employs over 250 people out of its Vancouver, B.C. headquarters.
About iNovia Capital
iNovia is an early stage venture capital firm that invests in category-defining technology startups. Epic companies are forged by exceptionally qualified founders; iNovia supports these remarkable individuals with custom playbooks for attracting talent and scaling efficiently. Together we perfect the craft of building digital platforms and services that transform old industries and push technology frontiers. iNovia manages $500M across three funds and invests across Canada and the United States. For more information, visit www.inovia.vc.