Beam Benefits has closed a $40m funding round which is set to boost the insurers’ company value 25% since its Series E in early 2021.
The round was led by existing investor Georgian, and is set to put Beam on track to grow its revenue 40% year-over-year with its expanded benefits portfolio and continued investment in new platform capabilities.
Over the past 18 months, Beam has launched six new benefits products and plans to add more in-demand products in the future.
Alex Frommeyer, Beam’s co-founder and CEO, said: “Our most recent funding is an incredible accomplishment, especially in the face of today’s economic headwinds, and marks a significant step forward in our company’s aggressive growth plans.”
Formely known as Beam Dental, the organisation was launched in 2012 as a full stack dental company that looked to incorporate dental hygiene behavior into policy pricing.
Since then, the Columbus-headquartered firm has turned its expertise to a full portfolio of ancillary employee benefits.
Through their intuitive digital platform, self-service tools, AI-powered underwriting, and unique Beam Perks programme, Beam delivers a simple, smart, and wellness-focused experience for brokers, employers, and members.
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