Canada-based accounting startup Bench, which offered software-as-a-service to small and medium-sized companies, has abruptly shut down, based on a discover posted on . its website.
“Sadly, after December 27, 2024, you’ll now not have entry to the Bench platform,” the discover states. “We all know this information is sudden and doubtlessly disruptive, which is why we’re dedicated to serving to Bench clients navigate the transition.”
The corporate’s web site is now fully offline, aside from notifications, leaving 1000’s of companies in limbo. Bench marketed greater than 35,000 clients within the U.S. hours earlier than it shut down, based on Snapshot. Saved by the Internet Archive.
Bench, which has raised $113 million from notable backers together with Shopify and Bain Capital Ventures, has developed a software program platform that permits clients to retailer and handle their bookkeeping and tax filings.
This transfer is a shock to present and former clients. Justin Metros, Co-Founder and CTO radiatorThough he now not makes use of the platform, he stated years of firm accounting and tax paperwork are nonetheless saved on the location. He discovered concerning the shutdown from TechCrunch.
“I’ve by no means seen anybody shut down like that,” Metros stated. “That is unusual.”
Some have taken to social media to specific their issues. 1 postI simply migrated from QuickBooks to Bench and I am “indignant as a buyer.”
Bench’s discover states that clients should apply for a six-month extension from the IRS to “discover a appropriate bookkeeping associate.” Prospects will be capable to obtain their information by December thirtieth and can be capable to obtain it till March 2025.
Notifications are beneficial to clients migrate New Accounting Startup to Kick What was announced was The corporate plans to lift $9 million in seed funding in October 2024 in a spherical led by OpenAI and Common Catalyst. Conrad Wadowski, CEO and Founding father of Kick. Posted He posted a message on LinkedIn to former Bench customers about how Kick is “working to place finance again in your palms.”
Bench didn’t reply to TechCrunch’s request for remark as of press time. Wadowski didn’t instantly reply to questions from TechCrunch about particulars of any agreements or different enterprise relationships he might have had with Bench earlier than the shutdown.
“As you may see on our web site, we’re working rapidly and are prepared to assist lots of Bench’s clients with their bookkeeping wants,” he advised TechCrunch.
In line with some sources, Bench was based in 2012 and employed greater than 600 employees. Snapshot of the About page. The startup was backed by traders together with IT agency Sage, Contour Enterprise Companions, and Altos Ventures. He was additionally a member of the TechStars accelerator.
bench raised last $60 million in Collection C spherical in 2021. Co-founder and CEO Ian Crosbie resigned shortly after.
crosby Post on LinkedIn At the moment he stated he was “very unhappy” to see the Bench shut, claiming he had been changed by an unnamed director who had tried to herald a “new skilled CEO” to take the Bench in a distinct course. .
“We hope Bench’s story serves as a warning to VCs who suppose they will ‘improve’ an organization by changing the founder. That can by no means work,” Crosby wrote.
