Online bookkeeping service Bench has closed a $20 million Series B upround led by Bain Capital Ventures and joined by Altos Ventures and Contour Venture Partners.
Altos and Contour were also Series A investors in Bench.
The new round, which brings total capital raised to over $40 million, will go toward product enhancements and the rollout of a new product.
Since 2012, Bench has made significant strides in its journey toward fully automating the job of a bookkeeper.
By creating task specific algorithms and perfecting tools that can work seamlessly with bank data, payment data, etc., Bench has reduced the labour time of its bookkeepers by 75%.