Beam Impact, a social impact e-commerce platform founded by women, raises $13.3 million

Beam co-founders Viveka Hulyalkar and Alex Sadhu

Mission-driven investors like Index Ventures, HearstLab, and Ulu Ventures are funding the expansion of the mission-driven platform.

From acting as a strategic sounding board, to providing manpower and filling gaps as our growth has accelerated, the HearstLab team has been a source of truly unique support throughout the process. »

— Viveka Hulyalkar, Co-Founder and CEO, Beam Impact

NEW YORK, NY, USA, April 27, 2022 /EINPresswire.com/ — In a Series A fundraising round including Index Ventures, HearstLab and Ulu Ventures, Beam Impact has raised $13.3 million to help conscious consumers to promote social good with their online purchases.

“HearstLab is incredibly proud to support Beam’s continued growth,” said Eve Burton, Executive Vice President of Hearst and President of HearstLab. HearstLab also originally contributed to Beam’s funding round and supported the company’s team and founders as they evolved as a force for social and economic good. “Beam has created a platform that helps businesses build loyalty and brand integrity through an e-commerce engine that integrates user-specific charitable donations into the checkout process.”

Co-founded in 2017 by McKinsey’s Viveka Hulyalkar (CEO) and former Tinder iOS engineer Alex Sadhu (CTO), Beam operates on a B2B2C model, connecting consumers with mission-driven brands and empowering them to donate… ‘portion of their purchase to a nonprofit of their choice, all at no additional cost to the consumer. So far, Beam has partnered with 100 brands, including IKEA, Instacart and Parade.

Burton and the HearstLab team see Beam Impact as the catalyst for a new wave of mission-driven online retail. According to Burton, “Viveka and Alex have set a new standard for what brands and their customers can each expect from every transaction, while contributing to global giving.”

Beam’s 500+ nonprofit partners receive 100% of donations generated, and as Beam continually grows its network and creates custom giving programs for partners, brands aren’t pressured into supporting nonprofits. who are already part of the Beam network. Beam does not take a cut of donations, but instead charges its brand partners through a tiered subscription model, ensuring partner retailers always see a positive return on investment and nonprofits receive the full of their donations.

The company’s nonprofit partners include Black Girls Do STEM, Women’s Refugee Commission, Center for Black Women’s Wellness, and more. “We are excited to continue our journey with HearstLab,” says Hulyalkar. “Whether it’s acting as a strategic sounding board, providing workforce, and filling gaps as our growth accelerates, the HearstLab team has been a source of truly unique support throughout the process.”

In 2021, Beam achieved compound monthly growth of 150% and continues to set internal records. During the first quarter of 2022, Hulyalkar says the company transferred more funds to nonprofit organizations than in 2021. In the past year alone, this fundraising work has, among other things, helped funded 5 million meals for food insecure families and avoided over £1 million of CO2 emissions.

Beam’s Series A round, which also included investments from angels like Attentive co-founders Brian Long and Andrew Jones, as well as Everlane chief product officer Ruchika Julapalli, brings Beam’s total increase to to date at $15.4 million. Beam is focused on building his team, having already doubled in size since closing the raise. Going forward, Beam plans to use its new funding to continue hiring, expand its network of brands and nonprofits, and design new features to make the platform more engaging and effective.

ABOUT BEAM IMPACT
Beam Impact is a B2B2C e-commerce platform that allows consumers to donate a portion of their total online purchases to a charitable foundation of their choice. While helping individuals search for brands that align with their own values, Beam also helps brands build consumer loyalty. The Beam Impact platform can be accessed through both a consumer-facing app and the company’s online payment integration. The company was founded in 2017 by CEO Viveka Hulyalkar (formerly of McKinsey) and CTO Alex Sadhu (formerly of Tinder). To learn more about Beam Impact, visit BeamImpact.com.

ABOUT HEARSTLAB
HearstLab provides cash investments and services to early-stage female-led startups innovating in fintech, data analytics, healthcare, transportation, enterprise technology, and media. Its mission is to close the venture capital funding gap for women by helping female founders build sustainable, highly scalable businesses. With access to Hearst resources at more than 360 companies, HearstLab’s scope of services includes privacy and security support, legal services, and marketing support. Portfolio companies also benefit from the guidance and support of HearstLab Scouts, Hearst’s female leaders who share their networks and expertise. HearstLab has a dedicated full-time team that helps with UI/UX, DevOps engineering, data security, data science, business development, and branding. HearstLab is owned by Hearst. To learn more about HearstLab, visit HearstLab.com.

Michel Maerlender
Hearst Lab
[email protected]
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