Canada-based bookkeeping services provider Bench has received $60m in a series C round featuring enterprise software producer Sage, e-commerce software provider Shopify and financial services firm Bank of Montreal’s Technology & Innovation Banking Group.
Venture capital firm Contour Venture Partners led the round, which included Altos Ventures and iNovia Capital. It increased the company’s overall funding to over $100m.
Bench offers digital bookkeeping services for small businesses and also provides a host of banking and payment card services as well as software products for payroll and taxes. It claims to have supported more than 11,000 small businesses to date.
Ian Crosby, co-founder and CEO of Bench, said: “We are here to make a profound difference in the quality of life of one million business owners. We have reimagined Bench from the ground up to do that and our new funding will allow us to continue reinforcing our product and service vision.”
The company had raised $18m in a 2018 series B1 round led by iNovia Capital and backed by Bain Capital Ventures, the VC arm of private equity firm Bain Capital, in addition to Altos Ventures and Silicon Valley Bank.
Bain Capital Ventures had led a $16m series B round for Bench in 2016 that included Altos Ventures and Contour Venture Partners, the two investors that had supplied $7m in series A funding for the company the previous year.
Bench had already closed a $1m round in 2014 that also featured Contour Venture Partners, Alpine Meridian, Lerer Hippeau (then Lerer Ventures), Quotidian Ventures and undisclosed individuals, following $2m in seed funding from undisclosed investors the year before.