This substantial capital injection has propelled the company’s total funding well beyond the $200 million mark, marking a remarkable 25% increase in valuation since the firm’s Series E funding round early in 2021.
According to reports, the funds secured will be harnessed to supercharge Beam’s expansion plans, with a particular focus on enhancing its digital platform. This platform is designed to streamline the process for brokers, enabling them to swiftly generate quotes, facilitate enrolments, and efficiently manage an extensive array of supplementary products catering to their small and medium-sized business (SMB) clientele.
Beam has earned the trust of tens of thousands of employers nationwide thanks to its straightforward and intelligent approach to employee benefits. The company’s digital-centric tools, exemplified by the Beam Quoting Tool, streamline or even eliminate cumbersome paperwork, capable of generating quotes in less than 30 seconds.
On the user side, hundreds of thousands of members also sing Beam’s praises, lauding its user-friendly and uncomplicated interface. This is underscored by an impressive 4.7/5 average rating on the Apple App Store, garnered from over 1,300 user reviews.
The funding round was masterminded by Georgian, an existing investor, and garnered strong support from a diverse consortium of investors, comprising a blend of fresh entrants, loyal existing backers, and strategically aligned partners.
Beam is confidently charting a path toward impressive growth, with a projected annual revenue surge of 40%. This robust expansion is underpinned by the company’s diversified benefits portfolio and its sustained commitment to fortifying its platform’s capabilities. Over the past 18 months, Beam has unveiled six new benefits products, and its forward-looking strategy includes the introduction of more high-demand offerings in the near 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.”
The announcement follows the news that, The Hartford and Beam Benefits have forged an partnership supporting product expansion efforts for both companies