Beam Dental, a dentist-focused insurer, has closed its oversubscribed Series E round on $80m.
The round as led by Mercato Partners’ growth equity fund Traverse, with additional commitments coming from Drive Capital, Georgian, Nationwide and Breakout Capital.
Funds will be used to expand its offering to new markets, onboard additional employee benefits brokerages and add more products to its platform.
The InsurTech unites dental hygiene behaviour into policy pricing for dental insurance. It works by syncing up brushing habits with the toothbrush and accompanying mobile app, the AI-powered underwriting tools uses this to assess hygiene behaviour.
Over the past three years, Beam has increased its revenue by 600%.
Beam CEO and co-founder Alex Frommeyer said, “At Beam, our vision is to modernize dental insurance by making it simpler and more intelligent.
“Our dental offering completely changes the way employers of all sizes think about dental wellness, by encouraging their employees to take better care of their teeth and making it easier to take a more proactive role in their dental care.”
With the close of the round, the company has raised a total of $160m in equity.
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