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 an online bookkeeping service providing small businesses, independent contractors and entrepreneurs with professional bookkeeping services, allowing to monitor business’ financial health, download financial statements and chat with the bookkeeping team any time via the Bench app.

Revenue(FY, 2016)

£45.7 M

Total Funding

$32.9 M

Type

Private

London, GB

Founded

2012

Size (employees)

235 (est)+8%

Website

bench.co

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

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Key People/Management at Bench

Ian Crosby

Co-Founder & CEO

Craig Ryomoto

Chief Revenue Officer

Lindsay Rutledge

VP, Product & Strategy

Rehan Mohammad

VP, Finance

Louisa Thue

Senior Director, Engineering - Data & Analytics

Mike Daley

SVP, Operations

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Bench Office Locations

Bench has offices in New York, North Vancouver and London

North Vancouver, CA

Vancouver, BC

New York, US

900 Broadway

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Bench Financials and Metrics

Summary Metrics

Founding Date	2012
Total Funding	$32.9 m
Latest funding size	$18 m
Time since last funding	2 years ago
Investors	Hedgewood, Contour Venture Partners, Altos Ventures, Bain Capital Ventures, Silicon Valley Bank, Third Prime Capital, Quotidian Ventures, Jos White, Lerer Hippeau Ventures, iNovia Capital, Alpine Meridian Ventures

Bench's latest funding round in January 2018 was reported to be $18 m. In total, Bench has raised $32.9 m

Bench Financials

Bench's revenue was reported to be £45.68 m in FY, 2016 which is a 34.3% decrease from the previous period.

Summary

GBP
Revenue (FY, 2016)	45.7 m
Revenue growth (FY, 2015 - FY, 2016), %	(34.3%)
Gross profit (FY, 2016)	19.2 m
Gross profit margin (FY, 2016), %	41.9%
Net income (FY, 2016)	(2.5 m)
EBITDA (FY, 2016)	(551 k)
EBIT (FY, 2016)	(1.8 m)
Cash (25-Jun-2016)	5 m

Income Statement

GBP	FY, 2007	FY, 2008	FY, 2009	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Revenue	79.8 m	84.2 m	109 m	120.6 m	146.9 m	125.3 m	103.5 m	92 m	69.6 m	45.7 m
Revenue growth, %								(11%)	(24%)	(34%)
Cost of goods sold	39.6 m	39.2 m	52.4 m	52.4 m	71.2 m	69 m	51.3 m	47.7 m	35.4 m	26.5 m
Gross profit	40.1 m	45 m	56.7 m	68.2 m	75.7 m	56.3 m	52.2 m	44.3 m	34.2 m	19.2 m

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Balance Sheet

GBP	FY, 2007	FY, 2008	FY, 2009	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Cash	4.2 m	4.7 m	13.5 m	31.1 m	12.9 m	21.6 m	32.4 m	5.8 m	8.6 m	5 m
Accounts Receivable	10.8 m	12.3 m	15.3 m	10 m	14.8 m	8.9 m	5.2 m	3.1 m	886 k	1.2 m
Inventories	12.2 m	10.9 m	17.1 m	17.5 m	26.5 m	16.8 m	16.9 m	12.5 m	12.4 m	15.8 m
Current Assets	34.7 m	46.9 m	66.5 m	87.3 m	116 m	114.2 m	65.9 m	30.3 m	31.7 m	40.6 m