A Vancouver-based tech startup specializing in bookkeeping services has raised big-time venture capital and launched services in its home market just as the tax season approaches.
Bench announced Thursday (February 1) it’s corralled $23 million in a Series B funding round led by iNovia Capital.
“We launched in Canada today, actually. That’s been one of my big company and life goals,” Bench CEO Ian Crosby told Business in Vancouver on Roundhouse 98.3.
He said the firm has recently become the largest bookkeeping service in the U.S. for small businesses, crunching about US$19 billion in funds since its launch in 2012.
With the $23 million in funding, Crosby said the company would expand further in the U.S. as well as lower its prices.
“We want it to get more and more affordable for people,” he said.
“And that really comes from automation. The more efficient we can make our bookkeepers, the lower price we can offer to our customers.”
The company’s technology has been able to automate 60% of tasks for its bookkeepers, according to Bench.
Late last year the startup was ranked as B.C.’s fastest-growing tech firm, according to Deloitte’s annual Fast 50 list.
The rankings, which measure companies based on revenue generated over the past four years, found Bench’s revenue had grown by more than 12,800% during that period.
Meanwhile, Bench said it’s now offering Canadian small businesses assistance with annual GST/HST and PST filing preparation, and foreign currency account reconciliation, as well as monthly profit and loss statements, updated balancing sheets and year-end sales tax reports.
Existing investors Bain Capital Ventures, Altos Ventures and Silicon Valley Bank also participated in the latest funding round.
The financing deal will see iNovia Capital partner Shawn Abbott join Bench’s board of directors.