❕Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays
Bench, a Canadian accounting startup backed by $113 million in venture capital, abruptly shut down on December 27, 2024, leaving thousands of small business owners unable to access their accounts during tax season. The shutdown followed multiple rounds of layoffs and issues with their AI and automation strategies, which failed to deliver promised efficiencies.
The sudden closure was caused by a bank calling in their venture debt, leading to immediate layoffs without severance. However, media attention surrounding the shutdown prompted interest from potential buyers. Jesse Tinsley, CEO of Employer .com, quickly negotiated a deal to acquire Bench, saving many jobs and customer accounts.
Despite the acquisition, uncertainties remain about Bench's future, including concerns over service quality and the lack of prior accounting experience at Employer .com. The company plans to rehire former staff and honor existing customer contracts but faces challenges in ensuring a smooth transition.
❕Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays
Bench, a Canadian accounting startup backed by $113 million in venture capital, abruptly shut down on December 27, 2024, leaving thousands of small business owners unable to access their accounts during tax season. The shutdown followed multiple rounds of layoffs and issues with their AI and automation strategies, which failed to deliver promised efficiencies.
The sudden closure was caused by a bank calling in their venture debt, leading to immediate layoffs without severance. However, media attention surrounding the shutdown prompted interest from potential buyers. Jesse Tinsley, CEO of Employer .com, quickly negotiated a deal to acquire Bench, saving many jobs and customer accounts.
Despite the acquisition, uncertainties remain about Bench's future, including concerns over service quality and the lack of prior accounting experience at Employer .com. The company plans to rehire former staff and honor existing customer contracts but faces challenges in ensuring a smooth transition.
On Tuesday, some local media outlets included Sing Tao Daily cited sources as saying the Hong Kong government was considering restricting access to Telegram. Privacy Commissioner for Personal Data Ada Chung told to the Legislative Council on Monday that government officials, police and lawmakers remain the targets of “doxxing” despite a privacy law amendment last year that criminalised the malicious disclosure of personal information. In handing down the sentence yesterday, deputy judge Peter Hui Shiu-keung of the district court said that even if Ng did not post the messages, he cannot shirk responsibility as the owner and administrator of such a big group for allowing these messages that incite illegal behaviors to exist. Add the logo from your device. Adjust the visible area of your image. Congratulations! Now your Telegram channel has a face Click “Save”.! The public channel had more than 109,000 subscribers, Judge Hui said. Ng had the power to remove or amend the messages in the channel, but he “allowed them to exist.” “Hey degen, are you stressed? Just let it all out,” he wrote, along with a link to join the group.
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