Beam, formerly known as Edquity, has announced a $6.4 million Series A round led by Potencia Ventures, with participation from other investors.
The new financing will be used primarily to increase Beam’s increasing list of government partners and to expand its technology team in order to develop innovative solutions that assist local agencies in getting crucial resources to communities promptly and equitably.
With software that streamlines applications, aids decisioning and processing, facilitates payments, and streamlines compliance, reporting, and case management in a single system, Beam’s platform assists governments in administering a wide range of programs, from rental relief and public utility benefits to emergency cash assistance. Beam has distributed about $180 million to over 300,000 homes across the United States since the COVID-19 pandemic began in 2020.
Beam, which was founded in 2016 as Edquity to assist colleges and universities in optimizing how they support basic student needs, has rebranded to reflect the company’s shift from working specifically with education institutions to working with benefit programs across governments and communities more broadly to get timely support to those who need it most. Beam presently serves 53 governments, higher education institutions, charities, and philanthropic partners in 16 states and the District of Columbia.