Beam Benefits raises $40M to boost company value 25%

Beam Benefits recently secured $40 million in funding, enhancing the company’s valuation by 25% since its Series E in early 2021. This funding round was spearheaded by previous investor Georgian. With this financial boost, Beam anticipates a 40% year-over-year revenue growth, driven by its augmented benefits portfolio and ongoing platform enhancement investments.

Beam Benefits
Beam Benefits

In the preceding 18 months, Beam introduced six new benefits products and has intentions for more. Alex Frommeyer, Beam’s CEO, emphasized the significance of this funding amidst economic challenges. Originally established as Beam Dental in 2012, the firm evolved from focusing on dental hygiene-influenced policy pricing to offering a comprehensive range of ancillary employee benefits. Their platform features AI-based underwriting, user-friendly digital tools, and the Beam Perks program, ensuring a holistic and wellness-centric experience for various stakeholders.

Our Perspective:

Beam Benefits is a prime example of forward-thinking digital innovation. Initially focused on modernizing dental benefits, they’ve seamlessly expanded into a comprehensive portfolio of employee benefits. Their commitment to simplifying and enhancing the benefits process is evident. Features like sophisticated digital quoting, an intuitive self-service portal, and a unique wellness-focused perks program emphasize user-friendliness and modernity. Their journey from a Bluetooth-connected toothbrush to a leading benefits provider underscores their adaptability and drive. As consultants, we find Beam’s approach to be a beacon for companies aiming to merge traditional industries with cutting-edge digital solutions.

Pinnacle Digital Advisors

Article originally posted: https://www.beambenefits.com/articles/beam-benefits-closes-on-40-million-fundraise


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