Beam Benefits closes on $40 million fundraise
September 12, 2023
Columbus, Ohio (September 12, 2023) Beam Benefits, the digitally-led employee benefits company, today announced that it raised $40 million, 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, with broad sponsorship from a combination of new, existing, and strategic partner investors.
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,” says Alex Frommeyer, Beam’s Co-Founder and CEO.
This announcement comes on the heels of other growth news for the company. Recently, The Hartford and Beam Benefits released news of a strategic relationship supporting product expansion efforts for both companies.
Tens of thousands of employers across the country choose Beam due to its simple and smart approach to employee benefits. Its digital-first tools, such as the Beam Quoting Tool, cut down or eliminate paperwork entirely and can deliver a quote in under 30 seconds. Hundreds of thousands of members love Beam too – due to the ease and simplicity of use, its app carries a 4.7/5 average rating on the Apple App Store with over 1,300 ratings.
The capital raised will be used to further propel Beam’s growth, including investment in its digital platform, which makes it easier for brokers to quote, enroll, and manage a full suite of ancillary products for their SMB clients.
About Beam Benefits
Beam Benefits is a digitally-led employee benefits company that offers dental, vision, life, disability, and supplemental health coverage. The company simplifies and modernizes the $100+ billion ancillary benefits industry through its intuitive online platform, self-service tools, AI-powered underwriting, and thoughtful coverage for improved overall wellness. Its Beam Perks program offers incentives to members and rewards them for healthy behaviors. Beam has raised over $200 million in funding and is available in 44 states across the U.S. Learn more at beambenefits.com
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Laura Kibort