by Ray Hayes
Bench the largest bookkeeping company for US small businesses has raised $18 million in an effort to expand its service and develop an automated platform that will be human-powered. With the new automation platform, labor time will be reduced by more than 75 percent for the normal bookkeeper. Furthermore, the automation platform will also allow Bench to reduce client prices as bookkeeping is made more productive and cost effective. Bench’s funding initiative was led by iNovia Capital with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.
Shawn Abbott, Bench board member, stated that, ““This new capital will accelerate the development of Bench’s cognitive augmentation platform— a key element of the company’s ability to deliver incredibly high-quality yet cost-effective bookkeeping services. Bench is a fantastic application of iNovia’s future of work thesis. We look forward to working with the team as they advance their product and bring Bench to a broader audience.”
If you would like to learn more about Bench, click here.