Bench Raises $18 Million

Small business bookkeeping service Bench today announced it has raised $18 million in Series B-1 funding, led by iNovia Capital, with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.

Bench has developed a proprietary automation platform that aims to reduce labor time by 75 percent for typical bookkeepers, making bookkeeping more efficient and lowering costs for clients. Through its advancements in automation and a deep learning platform, Bench says it has reduced prices 10 to 30 percent for all clients. The company’s rapidly growing team of bookkeepers is able to devote time providing customer support to their small business clients as well as updating spreadsheets.

The new capital will enable Bench to accelerate development of its human-powered automation platform, and expand its team and service.