The Vancouver-based online bookkeeping service for small businesses and independent contractors raised the amount at an undisclosed valuation.
The round was led by Bain Capital Ventures, with participation from Altos Ventures and Contour Venture Partners.
The new round, which brings total capital raised to $33 million, will go toward significant product enhancements and the rollout of a new product. Ian Crosby, the CEO and co-founder of Bench, and a member of the Forbes 30 under 30, said, "We offer entrepreneurs a better way to solve a universal problem. We are hitting a disruptive price point and executing well in a space that is ripe for change." The low price point for Bench's services can be attributed to its efficient backend. Since 2012, Bench has made significant strides in its multi-year journey toward fully automating the job of a bookkeeper.