You know when the dentist puts 15 tools in your mouth, and you drool a little? That’s probably how investors looked when they saw Beam’s financials.
This week, the Columbus, Ohio-based insurtech startup announced an $80m Series E led by Mercato Partners and joined by Nationwide.
The company, founded in 2012, is taking on the $83.6B dental insurance market with a good ol’ software-hardware combo move:
The setup runs like a flywheel: Beam reduces claims by incentivizing preventive care, uses the connected data to improve underwriting models, then lowers costs.
Beam reportedly has gangster loss ratios, spending less than $0.70 for each dollar it gets from claim premiums.
The company grew revenue 600% over the last 3 years and boasts a net revenue retention rate of 100%.
Beam’s network reaches 400k dentists in all 50 states, and the company doubled its member base in both 2019 and 2020.
One question we have for the Beam team: Do you dance the floss to celebrate occasions such as this?