Vancouver based SMB bookkeeping services startup Bench has raised an $18m Series B-1 funding round led by iNovia Capital, after raising a $16m Series B round in May 2016.
In 2013, 10Sheet relaunched as Bench with $2 million in seed funding, refocusing the business to more deeply involve human accountants. Since then, Bench has gone on to crunch $19 billion in expenses for its users, automating 60 percent of the tasks that its bookkeepers perform. This allows Bench’s human accountants to focus on customer service and CRM. Bench offers various tiers for customers, according to the size of the transactions. Over the last year, the company has cut prices by 10 percent to 30 percent. Bench currently has more than 250 employees, with 150 bookkeepers on staff.