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Beam Raises $80 Million in Series E Funding to Further Modernize Dental Benefits

March 2, 2021

Beam Raises $80 Million in Series E Funding to Further Modernize Dental Benefits

COLUMBUS, Ohio, (March 2, 2021) — Beam Dental, a digital-first dental insurer that rewards its members for good dental hygiene, today announced it has raised $80 million in an oversubscribed Series E fundraise. The round was led by Mercato Partners’ growth equity fund, Traverse, with participation from new and existing investors, including Drive Capital, Georgian, Nationwide, and Breakout Capital. The round brings Beam’s total funding to over $160 million.

Beam is simplifying the antiquated, paper-logged $75 billion dental insurance industry for members, brokers and employers alike by making dental coverage:

  • Easier: Beam’s digital platform makes everything from quotes to claims fast and easy for brokers, members and employers.
  • Smarter: Smart pricing driven by machine learning means benefits brokers can get more accurate custom quotes in as little as 30 seconds.
  • Preventive: Members who use Beam’s connected toothbrush may earn lower insurance rates based on their dental hygiene as well as incentives to maintain better wellness overall. Beam's brush program has produced over 100 million brushing minutes to date, helping employers control their insurance costs and helping members earn rewards.

In 2012, three engineers formed Beam to disrupt the fragmented dental insurance industry. Since then, Beam has grown to 250 employees, expanded to serve employers in 41 states and increased its dentist network to 400,000 access points in all 50 states. The company has grown revenue by 600% over the past three years, with a net revenue retention rate of 100%. It doubled its member base in 2019 and again in 2020.

“At Beam, our vision is to modernize dental insurance by making it simpler and more intelligent,” said Alex Frommeyer, CEO and co-founder of Beam. “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.”

Beam will use the new capital to expand its offering to new markets, onboard additional employee benefits brokerages and add additional products highly desired by today's most innovative employers.

“As the only digitally native dental insurance company, Beam leverages technology to promote better overall health for its members and provide more accurate benefit pricing for its employers,” said Joe Kaiser, director of Mercato Partners. “Since its inception, Beam has driven innovation in the dental industry and enhanced the digital experience for its members, employers and brokers.”

About Beam Dental

Beam Dental is a digital-first dental benefits provider that incorporates dental hygiene behavior into policy pricing, combining an easy-to-use online insurance platform, AI-powered underwriting, and the connected Beam Toothbrush for better overall wellness. Beam has raised over $160 million in venture capital funding and is the only digital-first company within the $75 billion dental insurance industry. Beam also offers vision insurance, powered by VSP, and group term life coverage for employers of all sizes in partnership with Nationwide Insurance. Beam is available in 41 states around the U.S. and is accepted at over 400,000 access points nationwide.

About Traverse

Traverse is the growth fund of Mercato Partners, a multi-strategy investment firm which specializes in overlooked and underserved markets. Traverse leverages the breadth of its team’s investing and entrepreneurial experience in these targeted geographies to provide both capital and operational guidance for rapidly scaling companies in the technology and branded consumer segments. For over a decade, Traverse has found, funded, and collaborated with high-growth companies to help them achieve transformative growth and long-term value for our investors. For more information, please visit traverse.mercatopartners.com.

Disclaimer: Dental insurance products underwritten by National Guardian Life Insurance Company, and Nationwide Life Insurance Company in New York, marketed by Beam Insurance Services LLC, and administered by Beam Insurance Administrators LLC (Beam Dental Insurance Administrators LLC, in Texas). National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America, a.k.a. The Guardian, or Guardian Life. Lower rate based on group's participation in Beam Perks wellness program and a group aggregate score of “A”.

Media Inquiries

Thanks for your interest in Beam. If you're a member of the news media with an inquiry, please contact media@beam.dental for more information.

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Dental and vision insurance products underwritten by National Guardian Life Insurance Company (NGL), Madison, WI, marketed by Beam Insurance Services LLC (Beam Benefits Insurance Services LLC, in CA). Dental policy form number NDNGRP 2020. Dental and vision products underwritten by Nationwide Life Insurance Company, Columbus, OH in NY, DE, ID, LA, UT, OH, TX and NM. Dental and vision products administered by Beam Insurance Administrators LLC (Beam Dental Insurance Administrators LLC, in Texas). Vision insurance products underwritten by Vision Service Plan (VSP) in WA. Vision insurance products administered by Vision Service Plan Insurance Company. Vision Policy form number NVIGRP 2020. Life insurance product is underwritten by Nationwide Life Insurance Company, Columbus, OH, marketed by Beam Insurance Services LLC (Beam Benefits Insurance Services LLC, in CA) and administered by Beam Insurance Administrators LLC (Beam Dental Insurance Administrators LLC in Texas). Group Short-Term Disability and Long-Term Disability insurance products are underwritten by Nationwide Life Insurance Company, Columbus, OH, marketed by Beam Insurance Services LLC (Beam Benefits Insurance Services LLC, in CA) and administered by Beam Insurance Administrators LLC (Beam Dental Insurance Administrators LLC in Texas). Life, Short-Term Disability, and Long-Term Disability products are not available to members living in Puerto Rico and product availability may vary by state. Program restrictions and exclusions apply. Accident, Hospital only Indemnity, and Critical Illness (effective 5/1/23) insurance products are underwritten by Nationwide Life Insurance Company, Columbus, OH, marketed by Beam Insurance Services LLC (Beam Benefits Insurance Services LLC, in CA) and administered by Beam Insurance Administrators LLC (Beam Dental Insurance Administrators LLC in Texas). Products not available in all states.

National Guardian Life Insurance Company, Madison, WI, is not affiliated with The Guardian Life Insurance Company of America, a.k.a. The Guardian, or Guardian Life.

Nationwide and Beam Insurance Services LLC are separate and a non-affiliated companies.

National Guardian Life Insurance Company, Two East Gilman, Madison, Wisconsin 53703

Nationwide Life Insurance Company, One Nationwide Plaza, Columbus, OH 43215

Vision Service Plan Insurance Company, 3333 Quality Drive Rancho Cordova, CA 95670

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DHMO dental product available in CA, underwritten and administered by California Dental Network, marketed by Beam Insurance Services LLC. Beam Perks™ and Beam Perks rewards program not available for DHMO product members.

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Beam Perks™ is provided by Beam Perks LLC. Eligible members age 4 and up at the time of enrollment are eligible to receive Beam Perks™ and must select their Beam Brush color within 45 days of enrollment to participate. If you do not have a mobile device you can obtain Beam Perks™ by contacting Customer Operations at 1.800.648.1179. Beam Perks™ can be obtained separately without the purchase of an insurance product by visiting perks.beam.dental. Beam Perks™ may be changed at anytime without notice and is subject to availability. See https://www.beambenefits.com/legal/beam-perks-terms-and-conditions for Terms and Conditions.

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Beam Perks™ is a voluntary program. The information provided under this program is for general informational purposes only and is not intended to be nor should be construed as medical advice. You should consult with an appropriate health care professional to determine what may be right for you. Rewards may be taxable. You should consult with an appropriate tax professional to determine if you have any tax obligations from receiving rewards under this program. If any fraudulent activity is detected (e.g., misrepresented brushing activity), you may be suspended and/or terminated from the program. If you are unable to meet a standard related to health factor to receive a reward under this program, you might qualify for an opportunity to receive the reward by different means. Contact us at 1 (800) 648-1179 and we will work with you (and, if necessary, your doctor) to find another way for you to earn the same reward. Availability and rewards may be limited due to incentive limits under applicable law. See https://www.beambenefits.com/legal/beam-perks-terms-and-conditions for full program Terms and Conditions.

There is no discount associated with the bundling of products.

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Please see plan documents for services that are considered Preventive and Diagnostic.

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Pricing customization may vary based on plan and state specific limitations.

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