26 Oct Beam Dental Raises $5.5M Series B to Build the Future of Dental Insurance
Beam Dental, the innovative provider of dental benefits for small- and medium-sized businesses, today announced that it raised a $5.5M Series B. Led by St. Louis-based firm Lewis & Clark Ventures, with participation from Columbus’ Drive Capital (which led Beam’s $5M Series A in 2014), this significant raise underscores the company’s value proposition.
As part of the financing, Lewis & Clark Ventures Principal Ron Watson will join Beam’s board of directors.
“It’s rare to see a true disruptor within the benefits space, but Beam is precisely that,” said Watson. “We are delighted to add Beam to our portfolio, and view the company’s smart, scalable approach to benefits as demonstrative of its staying power.”
Beam Dental is a dental benefits company that offers employers of all sizes a fundamentally unique approach to dental insurance coverage by incorporating dental hygiene behavior into policy pricing. The more engaged a member is with day-to- day dental hygiene, the better the group premium discount upon policy renewal. Beam’s dental insurance policies include Perks, a quarterly subscription service with an electric toothbrush, replacement heads, paste, and floss for every insured member. Alex Frommeyer, Beam’s Co-Founder and CEO, said, “We are incredibly excited to partner with Ron and the Lewis & Clark team. Beam is solving a huge problem, offering affordable dental care access to the 100 million Americans who don’t have coverage today and having two high-quality, Midwest-focused investors in Lewis & Clark and Drive Capital shows the alignment of our values and goals.”
The capital will be used to fuel expansion into new markets and allow Beam to continue to provide world class support & service to its members.
Beam also recently announced its partnership with VSP to deliver a vision insurance solution to the market as well. The company currently markets its dental and vision insurance products in California, Texas, Illinois, Arizona, Ohio, Colorado, Washington, Utah, Wisconsin, and Kentucky, although Beam’s network of dentists is nationwide.
Learn more about how Beam is reimagining dental and vision care by visiting www.beam.dental.
About Beam Dental
Beam Dental is a dental benefits company that offers employers a fundamentally unique approach to coverage by incorporating dental hygiene behavior into policy pricing. All of Beam’s plans also include Perks, a quarterly subscription service with an electric toothbrush, replacements heads, toothpaste, and floss. Beam delivers world class support and service to all members, making easy to find and access dental services with the tap of a finger from a broad, nationwide network of dentists.
About Lewis & Clark Ventures
Lewis & Clark Ventures is a St. Louis-based venture capital firm focusing on high potential investment opportunities throughout the Midwest region.
The mission of the fund is to deploy series A / B stage growth capital into companies operating within sectors that include agtech, digital healthcare and software, serving markets such as financial, agricultural, healthcare, and business enterprise solutions.
About Drive Capital
Drive Capital invests in innovative technology, healthcare, and consumer companies in the Midwest. We are looking for innovative entrepreneurs addressing big market opportunities. Our goal is to partner with entrepreneurs that have audacious goals and strive to build large sustainable companies.