- Beam announced it has raised $4 million in funding. These are the details.
Beam – a company that has developed a platform that was created to simplify billing and payments in the construction industry – announced recently that it has publicly launched its core product. And the company announced that it has raised a $4 million seed round of funding from Accel, Susa, Wischoff Ventures, and a large set of angel investors who are leaders in fintech, construction, and property development.
Beam was created to address the inefficiencies associated with paying and getting paid in the construction industry and the platform empowers general contractors and subcontractors to take control of their finances in one place. The current ad-hoc solutions include complicated spreadsheets, PDFs, paper invoices, and manually-written checks. Beam eliminates the need for time-consuming data entry and accounting, allowing skilled construction practitioners to focus on their trade. And users are able to streamline payments, invoices, and receipts, and facilitate ACH payments right in the app.
KEY QUOTE:
“In the process of designing Beam, I talked to dozens of skilled, dedicated professionals in the construction industry. They’re masters at their crafts, but they shouldn’t need to also be masters of accounting in order to get paid on time. Neither should their subcontractors. We created Beam so they could focus on the extremely important work of improving our housing and infrastructure.”
— Adam Eagle, Founder and CEO of Beam
