![]() ![]() But in reality, it’s scary and often tough and painful. Everyone wants to talk about how great it is. “We knew we had to radically reshape the company or we wouldn’t be in business in nine months,” he told Daily Hive. There was enough money to keep the company going only for another nine months - and little hope they could find more investors in time to make a difference. For company co-founder and CEO Ian Crosby, it was a very important moment in the company. Cash reserves were nearing the bottom of the tank, and operations started running from an emergency reserve. ![]() Although the company was still spending the same amount on sales and marketing, there was not the same volume of new customers coming through the door. Missing targets precipitated a downward trajectory. Things culminated in the worst way possible in the first quarter of 2019, when it missed sales targets by 40% - throwing its next fundraising round into jeopardy - and its very future into question. As targets were missed, the growth rate slowed, and Bench started paying out more money to keep up. The startup, which already boasted impressive partners including Shopify, Stripe, and Square, had long-term plans and big dreams: Growing bigger, more automation, and providing lower prices for its quickly-expanding customer base.īut after around half a year of things going according to plan, the company started missing its goals. In January 2018, Bench Accounting was riding high in the Vancouver tech scene.Īfter several years of boasting a 100% annual growth rate, the online bookkeeping services firm secured a whopping $18-million in a B-1 funding round. ![]()
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