Beam Impact Raises $13.3 Million in Funding to Support Social Causes through Everyday Purchases
Introduction
In a significant development for the social impact space, Beam Impact, a company that enables consumers to turn their spending into a way to support social causes, has raised $13.3 million in Series A funding led by Index Ventures. This investment is expected to accelerate the growth of Beam’s innovative B2B2C model, which connects consumers with brands supporting social causes and allows them to donate a portion of their purchases to a nonprofit of their choice.
The Story Behind Beam Impact
Beam was founded in 2017 by CEO Viveka Hulyalkar and CTO Alex Sadhu. Hulyalkar, a former McKinsey consultant, and Sadhu, a former Tinder iOS engineer, shared a vision of creating a platform that would connect people who are eager to make an impact with brands that have the resources to do so. The company’s mission is to create what loyalty programs would look like if they were designed for today’s customers.
How Beam Works
Beam offers two ways to access its platform: via its iOS and Android apps or through e-commerce brand integration with its partners. On the Beam app, users can browse brands that are on the platform and pick one that they’re interested in purchasing from. They can also filter search results by things they’re interested in purchasing or causes that matter to them. Alternatively, users can go directly to Beam’s partner brands’ websites, all of which include a Beam integration at checkout.
Once users are ready to make a purchase, they can choose from a list of nonprofit organizations that they’d like to donate to. The available causes range from education and public policy to climate change and more. From there, the brand being purchased from will donate 1% of the total purchase amount to the selected nonprofit.
Tracking Personal Impact
Beam aims to become an integral part of people’s everyday lives and habits by helping them manage their personal impact on a daily basis. Currently, many finance apps help users manage their personal finances, but there is no equivalent for tracking personal impact. Beam plans to build a best-in-class end-to-end values-based marketing engine to help companies win by giving.
The Future of Social Impact
In an interview, Hulyalkar emphasized the importance of social impact and the role that companies can play in creating positive change. "We’re building a platform that will enable people to make a difference with every purchase they make," she said. "Our goal is to become an essential part of people’s daily lives, and we believe that this investment from Index Ventures will help us achieve that vision."
Index Ventures Leads Series A Funding
The $13.3 million in funding led by Index Ventures will be used to accelerate Beam’s growth and expansion into new markets. The company plans to use the funds to enhance its platform, build out its team, and develop new features that will further enable consumers to make a positive impact.
Conclusion
Beam Impact’s Series A funding is a significant milestone for the social impact space. With this investment, Beam is poised to revolutionize the way people think about making an impact with their daily purchases. As the company continues to grow and expand its platform, it will be exciting to see how it shapes the future of social responsibility.
About Index Ventures
Index Ventures is a leading venture capital firm that invests in innovative startups across Europe and North America. With a strong track record of supporting successful companies, Index Ventures is well-positioned to help Beam Impact achieve its ambitious goals.
