Bench, a Canada-based accounting startup that offered software as a service to small and medium-sized businesses, abruptly closed, according to a notice posted on your website.
“We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible,” the notice reads. “We know this news is abrupt and may be disruptive, so we are committed to helping Bench customers navigate the transition.”
The company’s entire website is currently offline except for the notice, leaving thousands of businesses in the lurch. Bench touted having more than 35,000 customers in the U.S. just hours before it closed, according to a snapshot. saved by Internet Archive.
Bench, which had raised $113 million from high-profile backers such as Shopify and Bain Capital Ventures, developed a software platform to help clients store and manage their accounting and tax filing documents.
The move is a shock to current and former customers. Justin Metros, co-founder and CTO of RadiatorHe said years of his company’s accounting and tax documents are still stored on the site, although he no longer uses the platform. He found out about the closure from britcommerce.
“I’ve never seen anyone close like that,” Metros said. “That’s crazy.”
Others are voicing their concerns on social media, with a publication“as a customer I am angry” as I just migrated from QuickBooks to Bench.
Bench’s notice says its clients must file a six-month extension with the IRS to “find the right accounting partner.” It also says customers will be able to download their data by December 30 and will have until March 2025 to do so.
The notice recommends to customers. emigrate to Kick, a new accounting startup that announced its initial raise of $9 million in October 2024 in a round led by OpenAI and General Catalyst. Kick CEO and Founder Conrad Wadowski aware a message on LinkedIn to former Bench users about how Kick is “working to get your finances back in your hands.”
Bench did not respond to britcommerce’s requests for comment as of press time. Wadowski did not directly respond to a britcommerce question about the details of any potential deal or other business relationship he had with Bench before the closing.
“As you saw on the website, we are moving fast and are available to help many of Bench’s clients with their accounting needs,” he told britcommerce.
Founded in 2012, Bench employed more than 600 people, according to a snapshot of your “About” page. The startup was backed by investors including IT company Sage, Contour Venture Partners and Altos Ventures. He was also a member of the TechStars accelerator.
Bank last up $60 million in a Series C round in 2021. Its co-founder and CEO, Ian Crosby, left shortly after.
Crosby posted on LinkedIn today that he was “very sad” to see Bench close, claiming he had been replaced by unnamed board members who wanted to bring in “a new professional CEO” to take Bench in a different direction.
“I hope Bench’s story becomes a warning to venture capitalists who think they can ‘improve’ a company by replacing the founder. It never works,” Crosby wrote.