Bench, a Canada-based accounting startup that provided software program as a service to small and medium-sized companies, abruptly closed, in keeping with a discover posted on your web site.
“We remorse to tell you that as of December 27, 2024, the Bench platform will not be accessible,” the discover reads. “We all know this information is abrupt and could also be disruptive, so we’re dedicated to serving to Bench prospects navigate the transition.”
The corporate’s total web site is presently offline aside from the discover, leaving hundreds of companies within the lurch. Bench touted having greater than 35,000 prospects within the U.S. simply hours earlier than it closed, in keeping with a snapshot. saved by Web Archive.
Bench, which had raised $113 million from high-profile backers corresponding to Shopify and Bain Capital Ventures, developed a software program platform to assist purchasers retailer and handle their accounting and tax submitting paperwork.
The transfer is a shock to present and former prospects. Justin Metros, co-founder and CTO of RadiatorHe mentioned years of his firm’s accounting and tax paperwork are nonetheless saved on the positioning, though he not makes use of the platform. He discovered in regards to the closure from TechCrunch.
“I’ve by no means seen anybody shut like that,” Metros mentioned. “That is loopy.”
Others are voicing their issues on social media, with a publication“as a buyer I’m indignant” as I simply migrated from QuickBooks to Bench.
Bench’s discover says its purchasers should file a six-month extension with the IRS to “discover the proper accounting accomplice.” It additionally says prospects will be capable to obtain their information by December 30 and may have till March 2025 to take action.
The discover recommends to prospects. to migrate to Kick, a brand new accounting startup what he introduced its preliminary increase of $9 million in October 2024 in a spherical led by OpenAI and Basic Catalyst. Kick CEO and Founder Conrad Wadowski conscious a message on LinkedIn to former Bench customers about how Kick is “working to get your funds again in your fingers.”
Bench didn’t reply to TechCrunch’s requests for remark as of press time. Wadowski didn’t straight reply to a TechCrunch query in regards to the particulars of any potential deal or different enterprise relationship he had with Bench earlier than the closing.
“As you noticed on the web site, we’re shifting quick and can be found to assist lots of Bench’s purchasers with their accounting wants,” he instructed TechCrunch.
Based in 2012, Bench employed greater than 600 folks, in keeping with a snapshot of your “About” web page. The startup was backed by buyers together with IT firm Sage, Contour Enterprise Companions and Altos Ventures. Was additionally member of the TechStars accelerator.
Financial institution final up $60 million in a Collection C spherical in 2021. Its co-founder and CEO, Ian Crosby, left shortly after.
Crosby posted on LinkedIn in the present day that he was “very unhappy” to see Bench shut, claiming he had been changed by unnamed board members who needed to herald “a brand new skilled CEO” to take Bench in a unique course.
“I hope Bench’s story turns into a warning to enterprise capitalists who suppose they’ll ‘enhance’ an organization by changing the founder. It by no means works,” Crosby wrote.
