We got an exclusive look at the pitch deck dental insurance startup Beam used to raise $80 million
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- Digital first dental insurance startup Beam has raised an $80 million Series E funding round.
- The round was led by Mercato Partners’ growth equity fund, Traverse.
- Founded in 2012, Beam Dental offers a digital platform to manage users’ insurance alongside a “smart” toothbrush.
- Visit the Business section of Insider for more stories.
Digital first dental insurance startup Beam has raised an $80 million Series E funding round.
Founded in 2012, Beam Dental offers a digital platform to manage users’ insurance alongside a “smart” toothbrush with members who use the product often receiving better rates on their insurance.
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 Colombus, Ohio-based Beam’s total funding to over $160 million.
“With this funding we can bring more brokers onto our platform, increase distribution and have faster onboarding,” Beam CEO and cofounder Alex Frommeyer told Insider in an interview. “We’re in 41 states at the moment and we want to add the remaining nine while introducing new products, including our next generation toothbrush.”
Beam has currently has around 250 employees but will likely to grow to beyond 300 with this fresh funding. Fundraising took around three months door to door and was fully remote. The round was also oversubscribed, Frommeyer said.
The company claims to have grown revenues substantially over the past three years. It doubled its member base in 2019 and again in 2020, according to Beam’s release.
“This round helps us build and scale our new products at a velocity that we wouldn’t have been able to achieve previously,” he added.
Check out Beam Dental’s pitch deck below: