PHOENIX, Oct. 10,
2024 /PRNewswire/ -- Trinity Capital
Inc. (NASDAQ: TRIN) ("Trinity"), a leading provider of
diversified financial solutions to growth-oriented companies, today
announced the commitment of $40
million in growth capital to Beam Benefits ("Beam"), a
digitally native employee benefits company.
Founded in 2012, Beam began by modernizing dental benefits.
Since then, Beam has evolved into a one-stop shop for ancillary
benefits, offering dental, vision, life, disability, and
supplemental health coverage. Beam delivers employee benefits plans
on one simple platform.
"Beam Benefits has changed the way small businesses access and
offer valuable ancillary benefits to their employees and their
continued success is a reflection of how the Beam platform has
resonated with business owners across the country," said
Jack McNamara, Director, Tech Lending, at Trinity. "We look
forward to our partnership with Beam and supporting their continued
growth."
This new growth capital will enable Beam to continue to scale
operations and fund growth initiatives.
"We couldn't be more excited about our partnership with
Trinity," said Alex Frommeyer, CEO and co-founder of Beam
Benefits. "These funds will continue to propel Beam's modernization
of employee benefits by building extraordinary tools that empower
brokers and partner benefits providers all over the US."
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-stage companies with institutional
equity investors. Trinity Capital's investment objective is to
generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
About Beam Benefits
Beam Benefits is a digitally-native employee ancillary
benefits company that offers dental, vision, life, disability, and
supplemental health coverage for employers of all sizes. The
company simplifies and modernizes the $100+ billion ancillary
benefits industry through its intuitive online platform,
self-service tools, AI-powered underwriting, and thoughtful
coverage for improved overall wellness. Beam has raised over
$200 million in funding and is
available in 44 states across the U.S. Learn more
at beambenefits.com.
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SOURCE Trinity Capital Inc.