Bench, a Canada-based accounting startup that provides software as a service to small and medium-sized businesses, has abruptly shut down, according to the announcement. Its website.
“We regret to inform you that on December 27, 2024, access to the Bench platform will no longer be available,” the notice said. “We know this news can be sudden and disruptive, so we're committed to helping Bench customers navigate through the transition.”
The company's entire website is currently offline, leaving thousands of businesses stranded. Hours before the shutdown, Bench touted more than 35,000 US customers, according to a snapshot. Archived from the Internet Archive.
Bench, which raised $113 million from top backers like Shopify and Bain Capital Partners, developed a software platform to help customers store and manage accounting and tax reporting documents.
The move comes as a shock to current and former customers. Justin Metros Co-founder and CTO of Water tankAlthough he no longer uses the platform, he said his company's accounting and tax documents have been stored on the site for years. He learned of the shutdown from TechCrunch.
“No one has ever seen it shut down like this,” Metros said. “That's crazy.”
Others are posting their concerns on social media. A post “As a customer, I'm upset” after switching from QuickBooks to Bench.
Bench's notice said its clients should submit a 6-month extension to the IRS to “find the right accounting partner.” Users will be able to download their data on December 30 and will have until March 2025 to do so, he said.
The notice advises customers. Move. to kick A new accounting practice was announced. It raised $9 million in seed funding in October 2024, led by OpenAI and General Catalyst. Conrad Wadowski, CEO and founder of Kick; posted. Kick is “working to get your money back,” a message on LinkedIn to former Bench users.
Bench did not respond to TechCrunch's requests for comment by press time. Wadowski did not directly respond to a question from TechCrunch about the details of the potential deal or any other business relationship with Bench.
“As you can see on the website, we're moving fast and able to support Bench's customers with their bookkeeping needs,” he told TechCrunch.
Established in 2012, Bench reportedly employs over 600 staff. A snapshot of its 'About Page'. The startup was founded by IT company Sage; It is backed by investors including Contour Venture Partners and Altos Ventures. it was Also a member. TechStars accelerator.
A long bench Rises last. A $60 million Series C round in 2021. Its co-founder and CEO Ian Crosby left soon after.
Crosby Posted on LinkedIn. I am very sorry to see the Bench shut down, alleging that a “new professional CEO” was replaced by unnamed board members who wanted to take the Bench in a different direction.
“I hope Bench's story serves as a warning to VCs who think they can upgrade a company by replacing the founder. It never works,” Crosby wrote.