Columbus-based insurer Beam Dental has raised $80 million in series E funding, bringing its total funding to more than $160 million.
Six things to know:
1. Beam Dental said it will use the capital to expand into new markets, onboard more employee benefits brokerages and add products to its portfolio.
2. Founded in 2012, the company has grown to 250 employees and its dentist network has 400,000 access points in 50 states.
3. Members using Beam Dental's connected toothbrush can lower insurance rates based on their dental hygiene. The program has recorded more than 100 million brushing minutes to date.
4. In the past three years, Beam Dental has increased revenue by 600 percent, with a net revenue retention rate of 100 percent. The company doubled its member base in 2019 and again in 2020.
5. Beam Dental's vision is to make dental insurance "simpler and more intelligent" while advocating for better oral health, CEO and cofounder Alex Frommeyer said in a March 2 news release.
6. The funding round was led by Traverse, Mercato Partners's growth equity fund, with participation from new and existing investors.