Beam Impact Raises $13.3 Million in Series A Financing; Plans to Make Everyday Purchases a Way to Support Social Causes

While a human arsenal is surely loaded with some invaluable skills, none of them will hold much significance, if we don’t know how to use them in the first place. You see, this ability to envision a productive use for every skill is a big reason why we enjoy the progression that we do. Now, when you have such a luxury at your disposal, it’s always right to expect some notable by-products along the way. We, on our part, will come across plenty, but despite the huge volume, human beings won’t see anything quite like technology. Technology gets to be the ultimate anomaly here, as it’s the only concept that literally changed the dynamics within every imaginable area. In fact, alongside being a result of our ingenious capabilities, it also went ahead and added to them rather significantly, therefore enabling us in regards to imagining even more applications of our personal and societal resources. With the said reality unfolding right in front of our eyes, we could clearly see the shades of a better world emerging on the surface, and one recent funding should only take us closer to that destination.

Beam Impact, a company that allows consumers to turn their spending into a way to support social causes, has successfully secured over $13.3 million in Series A financing. Led by Index Ventures, the round saw further participation coming from the likes of Ulu Ventures and HearstLab, while many angel investors, including Brian Long, Andrew Jones (co-founders of Attentive), and Ruchika Julapalli (Head of Product at Everlane) also joined the party. Since starting out in 2017, Beam Impact has managed to make a difference around numerous social issues. Talk about company’s core function, it basically connects customers with brands that are working for a cause. By doing so, it encourages people to donate a portion of their purchases, thus helping the stated initiatives in a more sustainable manner. If we take concrete figures from 2021 alone, the company funded 5 million meals for families suffering from food insecurity, prevented more than 1 million pounds of carbon emissions, and did a whole lot within other areas. Notably enough, Beam Impact doesn’t take any cut from donations or purchases. Instead, the company’s revenue model is based on charging brands through a volume-based subscription service. At present, Beam boasts over 100 partners, including Parade, IKEA, Roots Canada, and more.

Beyond the donation itself, the company allows you to choose the cause that you want to support. Another great thing here is the fact that once you pick the cause and complete the donation, you can even track your social impact. According to certain reports, Beam Impact will use the newly-raised cash to expand personnel by an estimated 8x. Apart from it, the company plans to focus on product development, while also bolstering its network of brands and nonprofits.

“We’re going to be a compass for everyday impact. There are many finance apps out there that help you manage your personal finances, but there’s nothing that helps you manage your personal impact on an everyday basis, and that’s what we’re building. We’re going to make Beam a part of people’s everyday lives and habits and at the same time, we’re going to build a best in class end-to-end values based marketing engine to help companies win by giving,” said Viveka Hulyalkar, CEO at Beam Impact.

Beam is available both as a dedicated app for Android and iOS users, and as an e-commerce integration within its partner’s framework

 

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