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Vancouver startup Bench scores $16 million investment

Vancouver startup Bench scores $16 million investment

Posted by PanamericanWorld on May 23, 2016

Showing off the west side’s prowess, automatic-accounting company Bench announced a CAD $20 million (USD $16 million) investment Tuesday, led by some of the bigger venture capitalists of Silicon Valley and New York.

The Series B funding round was led by Bain Capital Ventures. Altos Ventures (San Francisco and Seoul) and Contour Venture Partners (New York) also returned for second investments into the company.

Holding their cards close to their chest, Bench said the money would largely go toward rolling out a new service, without disclosing too much intel on what that might be. A decent chunk will also go toward salaries for new hires, which would join a 230-strong workforce. They are pushing into small markets in the U.S.

“This capital allows us to remove any constraints to ensuring our culture and environments can flourish as we undergo this rapid employee growth,” said Bench CEO Ian Crosby. Crosby is also a member of the Forbes 30 under 30 list.

Bench is a 2012 veteran of Techstars, which then was known as 10Sheet. Originally founded by Ian Crosby, Jordan Menashy, Adam Saint, and Pavel Rodionov, they moved to Vancouver from New York City in 2013.

Using proprietary algorithms, Bench says its clients save 75% of their bookkeeping time to process accounting data. The software allows third party access and facilitates communications between team members. They also promise customers all Bench employees go through background checks for the sake of clients’ asset security.

They have now raised close to USD $40 million, including a USD $7 million round in January 2015.

Vancouver itself is slowly catching the attention of investors, reaching 18th place on Startup Compass’s 2015 list of top ecosystems around the world. The city is also the nest of HootSuite and Avigilon with a large office for Slack.

Canada’s startup visas have attracted many San Franciscans to the city. The national government and its provinces could expect more applications soon thanks to further reforms. Around 41% of Vancouver startup employees are foreign-born.

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