Digital-first insurance provider plans expansion of easy-to-use insurance platform and automated underwriting.
Beam Dental 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.
According to the company, Beam is simplifying the antiquated, paper-logged $75 billion dental insurance industry for members, brokers, and employers alike by providing a digital platform that is designed to make everything from quotes to claims fast and easy for brokers, members, and employers. It also offers smart pricing driven by machine learning which benefits brokers who can get more accurate custom quotes in as little as 30 seconds, says the company.
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.
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.
Beam will use the new capital to expand its offering to new markets, onboard additional employee benefits brokerages and add products highly desired by today’s employers.