Beam, a startup focused on assisting citizens with government financial aid, has successfully raised $6.4 million in Series A funding. The company, previously known as Edquity, continues to play a pivotal role in delivering essential funds across various programs, including emergency cash assistance, rental relief, and public utility benefits.
The company’s mission is rooted in its commitment to transmitting critical services and resources to those in need. "We fundamentally work to transmit critical services and resources to those in need," said David Helene, the CEO of Beam. This dedication underscores their role as a bridge between governments and communities, ensuring that individuals receive the support they need during challenging times.
The Series A funding marks a significant milestone for Beam as it expands its reach and operations. "The company’s Series A funding will be used to expand its headcount and further develop its platforms," said Helene. This expansion is particularly crucial in light of growing demand, especially following the COVID-19 pandemic, which highlighted the need for greater support among disadvantaged communities.
The round was led by Potencia Ventures, with notable participation from Spring Point Partners, American Family Insurance Institute for Corporate and Social Impact, Imaginable Futures, Lumina Impact Ventures, Michelson Runway, and Schmidt Futures. Each of these investors brings a unique perspective and expertise to Beam’s mission, reflecting their belief in the company’s potential to make a real impact.
Beam’s operations are characterized by an end-to-end system designed to handle various aspects of the application process, from initial inquiries to final disbursements. "Our systems are built on a foundation of trust, simplicity, and efficiency," stated Helene. "We ensure that every individual receives the support they need with minimal friction." This approach not only enhances accessibility but also ensures that Beam can scale its operations effectively.
The funding will allow Beam to expand its footprint across multiple states, reaching communities that require additional support during unprecedented times. "With this Series A funding, we are poised to serve even more individuals and communities in need," said Helene. "Our goal is to create a system that is equitable, efficient, and accessible for all."
The impact of Beam’s programs has been significant. Over the past year alone, the company has processed applications totaling over $180 million, reaching approximately 300,000 households. This scale of operation underscores the critical role Beam plays in supporting communities during challenging times.
As Beam continues to grow, its commitment to innovation and excellence remains unwavering. The Series A funding will enable the company to further streamline its operations, enhance its technology stack, and expand its reach to even more underserved populations. "We are excited about the opportunities ahead," said Helene. "This funding is a testament to our vision and our ability to create meaningful change."
The success of Beam is not only a reflection of their financial efforts but also a result of their dedication to their mission. By focusing on collaboration, innovation, and accessibility, Beam continues to set the standard for what can be achieved when governments work hand in hand with organizations like theirs.
About Beam
Beam is a nonprofit organization dedicated to bridging the gap between governments and communities in need of financial assistance. Through innovative solutions and a focus on accessibility, Beam ensures that individuals receive the support they need to overcome challenges and achieve their goals.
For more information about Beam and its mission, visit www.beam.org or follow them on [social media](https://social medialinks)* for updates and news.
Andrew Mendez
cofounder & CEO
_beam.org
