Bench

Technology accounting enterprise software fintech smart home

Bench is a fintech company that automates accounting tasks to organize the financials of small businesses. The Company is the online bookkeeping service providing small businesses, independent contractors and entrepreneurs with professional bookkeeping services, allowing to monitor business’s financial health, download financial statements and chat with the bookkeeping team any time via the Bench app.

Type

Private

London, GB

Founded

2012

Size (employees)

200 (est)

Website

bench.co

Bench was founded in 2012 and is headquartered in London, GB

Key People at Bench

Ian Crosby

Co-Founder and CEO

Pavel Rodionov

CTO

Trevor Orsztynowicz

VP, Engineering

Emily Key

Director, Operations

Lindsay Rutledge

VP, Product & Strategy

Mike Daley

VP, Sales & Operations

Owen Mead-Robins

Director, Engineering

Rehan Mohammad

VP, Finance

Scott Edison

VP, Business Development

Dave Shea

Director, Product Design

Bench Office Locations

Bench has offices in London, New York and North Vancouver

North Vancouver, CA

Vancouver, Bc

New York, US

900 Broadway

Bench Data and Metrics

Summary Metrics

Founding Date	2012
Total Funding	$32.9 m
Latest funding size	$16 m
Time since last funding	about 1 year
Investors	Hedgewood, Contour Venture Partners, Altos Ventures, Bain Capital Ventures, Third Prime Capital, Quotidian Ventures, Jos White, Lerer Hippeau Ventures, Alpine Meridian Ventures

Bench's latest funding round in May 2016 was reported to be $16 m. In total, Bench has raised $32.9 m

Bench Financial Metrics

Bench's revenue was reported to be £45.7 m in FY, 2016 which is a 34% decrease from the previous period.

Summary

GBP

Income Statement

GBP	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Revenue	103.5 m	92 m	69.6 m	45.7 m
Revenue growth, %		(11%)	(24%)	(34%)
Cost of goods sold	51.3 m	47.7 m	35.4 m	26.5 m
Gross profit	52.2 m	44.3 m	34.2 m	19.2 m
Gross profit Margin, %	50%	48%	49%	42%
Operating expense total	39 m	39.7 m	39.2 m	21 m
Pre tax profit		4.7 m	(3.8 m)	(2.3 m)
Net Income		3.9 m	(4.7 m)	(2.5 m)

Balance Sheet

GBP	FY, 2014	FY, 2015	FY, 2016
Cash	5.8 m	8.6 m	5 m
Accounts Receivable	3.1 m	886 k	1.2 m
Current Assets	30.3 m	31.7 m	40.6 m
PP&E	2.3 m	2.2 m	2.4 m
Goodwill	5.5 m	4.9 m	4.3 m
Total Assets	38.2 m	38.9 m	47.3 m
Accounts Payable	11.2 m	11.1 m	10.2 m
Current Liabilities	23.2 m	29.6 m	24.5 m
Total Liabilities	24.8 m	30.5 m	41.5 m
Retained Earnings	3.9 m	(4.7 m)	(2.5 m)
Total Equity	13.3 m	8.4 m	5.9 m
Financial Leverage	2.9 x	4.7 x	8.1 x