Bench, an accounting venture headquartered in Canada that provided a software-as-a-service model for medium and small enterprises, has unexpectedly ceased operations, as per an announcement found on its web platform. 

“We’re sorry to convey that from December 27, 2024, the Bench system will be unavailable,” the announcement states. “We recognize this update is sudden and may bring disturbances, so we’re dedicated to assisting Bench patrons through this change.”

The organization’s entire online presence is currently nonfunctional aside from the notification, leaving numerous businesses stuck. Bench claimed to have over 35,000 clients in the U.S. merely hours prior to its closure, as evidenced by an archival snapshot saved by the Internet Archive.

Having accumulated $113 million from notable sponsors such as Shopify and Bain Capital Ventures, Bench crafted a software platform aimed at aiding users in organizing and handling their bookkeeping and tax documentation. 

This action is startling to both present and past users. Justin Metros, Radiator’s co-founder and CTO, mentioned that years’ worth of his company’s accounting and tax files remain on the platform, even though the service is no longer part of their operations. He discovered the platform’s closure via TechCrunch. 

“I’ve never witnessed a shutdown like this,” Metros commented. “It’s unbelievable.”

Numerous others are expressing their grievances on social platforms, with one individual lamenting, “as a client, I’m angry,” after having recently transitioned from QuickBooks to Bench.

Bench’s notification urges its clientele to apply for a six-month service extension with the IRS to “locate an appropriate bookkeeping associate.” It further details that customers can download their information by December 30 and will have until March 2025 to do so.

The notification suggests users transfer to Kick, a fresh accounting startup that publicized its $9 million initial funding round in October 2024, led by OpenAI and General Catalyst. Conrad Wadowski, Kick’s CEO and originator, communicated via LinkedIn to former Bench clients about Kick’s efforts in “returning control of your financial data.”

Bench did not address inquiries for comment by TechCrunch at the time of publication. Wadowski also didn’t respond to a query from TechCrunch regarding details of any prior agreement or business arrangement with Bench before the shutdown. 

“As observed on the website, we’re progressing swiftly and are ready to assist numerous Bench customers with their financial management requirements,” he told TechCrunch.

Established in 2012, Bench employed more than 600 people, according to a previous version of its “About” section. Its financial supporters included IT company Sage, Contour Venture Partners, and Altos Ventures. Additionally, it was associated with the TechStars accelerator program.

Bench’s last funding was a $60 million Series C round in 2021. Soon after, Ian Crosby, its initial founder and CEO, exited the company. 

Today, Crosby announced on LinkedIn his “deep sadness” regarding Bench’s shutdown, claiming he was replaced by unnamed board members seeking to bring in a “novice corporate CEO” to steer Bench on a distinct path.

“I hope the fate of Bench acts as a caution for VCs who believe they can ‘enhance’ a venture by replacing the founder. It’s never effective,” Crosby commented.