Bench, a Canadian accounting software platform that helped customers store and manage their bookkeeping and tax reporting documents, abruptly shut down last week.
A notice on its website reads:
“We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible. We know this news is abrupt and may cause disruption, so we're committed to helping Bench customers navigate through the transition. From the entire team at Bench, it has been an absolute privilege to serve small businesses for the last 13 years. Thank you for being part of our journey.”
The notice went on to recommend that customers file a six-month extension with the IRS and choose Kick, a new accounting startup that announced its $9M seed raise in October 2024, as their replacement.
WTF? Seriously, what's going on here?
Bench raised $113M since its launch in 2010 from backers including Shopify and Bain Capital Ventures, and touted having more than 35,000 customers — but it only had enough runway left to provide a few hours notice before shutting down?
According to comments on LinkedIn from Bench customers, the company was collecting money and requiring that customers sign new contracts as recently as a day before shutting down.
Bench last raised $60M in a Series C round in 2021. Where did the money go?
The company's co-founder and CEO, Ian Crosby, departed shortly after the last funding round, replaced by unnamed board members who wanted to bring in “a new professional CEO” to take Bench in a different direction, according to Crosby. After his departure, the board appointed Jean-Philippe (JP) Durrios as President and Chief Financial Officer, who has yet to make a statement about the company shutting down.
Something fishy went on here. This will surely be investigated.
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