Bench, a Canada-based startup specializing in cloud accounting software, struggled to attain profitability since its founding in 2012, burning $135 million by 2024. A liquidity crisis forced the company to shut down, with mere cash reserves left. Despite attempts to cut losses and improve finances under its new management, the challenges proved insurmountable. In December 2024, just days before the collapse, a significant lender modified loan repayment terms. However, this did not suffice to prevent bankruptcy as outstanding debts were called in, culminating in Bench's downfall.
Bench consistently struggled to reach profitability, burning through $135 million since its founding in 2012, leading to a liquidity crisis and eventual collapse.
The company lost almost $30 million on $42 million in revenue from March 2022 to March 2023, despite efforts to cut losses and grow revenue.
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