Beam Dental, a Columbus, Ohio-based digital-first dental insurer that rewards its members for good dental hygiene, raised $80m in Series E funding.
The round, which brings total funding to over $160m, 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 company intends to use the funds to expand its offering to new markets, onboard additional employee benefits brokerages and add additional products.
Led by Alex Frommeyer, CEO, Beam aims to simplify the dental insurance industry for members, brokers and employers alike by making dental coverage easier. Its digital platform makes everything from quotes to claims fast and easy for brokers, members and employers. Smart pricing is driven by machine learning. Members who use the company’s connected toothbrush may earn lower insurance rates based on their dental hygiene as well as incentives to maintain wellness.
Founded in 2012, 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’s revenue has grown by 600% over the past three years.
Beam has raised over $160m in venture capital funding to date.