Total amount raised
$7 Millions
Latest funding date
5/1/2021
Location
Beam has successfully raised $40 million in its most recent funding round, bringing the total number of investors to 15, including notable names like Trinity Capital and Alumni Ventures.
Keep reading to explore the intricacies of Beam's fundraising journey and the investors backing this innovative platform.
What Is Beam?
Beam, founded in 2012, is a digital-first provider of dental benefits for businesses. The company is headquartered in Columbus, Ohio.
Beam was established by Alex Curry, Alex Frommeyer, and Dan Dykes. The company focuses on ease-of-use and tailored pricing built on preventive care.
With a workforce of 251-500 employees, Beam offers a range of employee benefits, including dental, vision, life, disability, and supplemental health insurance.
How Much Funding Has Beam Raised?
- Seed Round
- Amount Raised: $2M
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build and distribute the connected toothbrush.
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial product offerings and establish market presence.
- Initial Coin Offering
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To explore blockchain technology for insurance solutions.
- Corporate Round
- Amount Raised: $5M
- Date: February 2019
- Lead Investors: Recruit Strategic Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To partner with strategic investors and expand market reach.
Beam has raised a total of $47 million in funding. The current valuation is not publicly disclosed.
Key Investors
- Trinity Capital
- Details: Trinity Capital is a leading provider of venture debt and equipment financing to growth-stage companies. They focus on providing flexible financing solutions to help companies scale.
- Investment Focus Areas: Technology, life sciences, clean energy.
- Notable Investments: Not publicly disclosed.
- Alumni Ventures
- Details: Alumni Ventures is a venture capital firm that invests in high-growth startups. They leverage a network of alumni from top universities to identify promising investment opportunities.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
- Drive Capital
- Details: Drive Capital is a venture capital firm that invests in innovative companies across the Midwest. They focus on early and growth-stage companies.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Root Insurance, Olive, Duolingo.
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They leverage data and analytics to drive their investment decisions.
- Investment Focus Areas: Software, technology, data analytics.
- Notable Investments: Shopify, FreshBooks, Top Hat.
- Nationwide
- Details: Nationwide is a large insurance and financial services company. They offer a wide range of insurance products and services to individuals and businesses.
- Investment Focus Areas: Insurance, financial services.
- Notable Investments: Not publicly disclosed.
What's Next for Beam?
Beam's future looks promising as it continues to expand its member base and leverage digital information to improve underwriting and customer behavior. The company has experienced a 600% revenue growth over the last three years and aims to further penetrate the $75 billion dental insurance market. With plans to onboard additional employee benefits brokerages and introduce new products, Beam is well-positioned to capitalize on the growing insurtech sector.
Future fundraising opportunities appear favorable, given Beam's strong growth metrics and attractive loss ratios. The company may attract further investment to support its expansion into new markets and enhance its technological capabilities. However, Beam will need to navigate challenges such as maintaining its rapid growth rate, managing competition, and ensuring data privacy and security, especially with its connected devices.
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