Beam Benefits raises $40 million
Beam Benefits closed a $40 million funding round, bringing the company’s total funding to over $200 million and increasing its valuation by 25% since the company’s Series E raise in early 2021. The round was led by existing investor Georgian .
Beam is 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.
“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.” – Alex Frommeyer, Beam’s Co-Founder and CEO.
This announcement comes on the heels of The Hartford and Beam releasing news of a strategic relationship supporting product expansion efforts for both companies.
As background, Beam, formerly Beam Dental, was launched in 2012 as a full stack dental company that looked to incorporate dental hygiene behavior into policy pricing.