Bench today announced a $16 million funding round to help the Vancouver, B.C.-based startup build out its bookkeeping service for small businesses and independent contractors.
The 4-year-old company raised the Series B round from Bain Capital Ventures, which led the round, and existing investors Altos Ventures and Contour Venture Partners. Total funding is now $33 million.
Bench collects bookkeeping-related data and uses a combination of technology and its own bookkeepers to do the manual work traditionally required of business owners and contractors. It makes money by charging a monthly fee to customers.
“Small business owners can use Quickbooks or a similar software but our product is completely different,” Bench CEO and co-founder Ian Crosby told GeekWire. “We offer our software and an online bookkeeping team; real people look after our clients with a white-glove service that takes the pain of bookkeeping away completely.”
Bench graduated from the Techstars accelerator in New York City in 2012 and re-located to Vancouver one year later.
“The structural shift in the U.S. economy toward sole proprietorships and away from corporate payroll jobs presents an opportunity to serve a rapidly expanding segment,” said Indy Guha, a San Francisco-based partner at Bain Capital Ventures who just joined the Bench board of directors. “Bench is capturing the attention of people who grew up with the Internet and who seek convenient cloud and mobile solutions to eliminate unwanted tasks.”
Bench last raised funding in January 2015, reeling in a $7 million Series A round. Since then, the the company doubled its employee count to 230 people and tripled its revenue, while adding thousands of customers.