Beams Secures $9M Series A Funding

Addressing Challenges in Home Renovation with Innovative Software

Home improvement endeavors often present uncertainties for both homeowners and construction professionals. Many smaller contracting firms lack access to contemporary software solutions, while even large companies, such as IKEA, frequently rely on outdated systems.

U.K.-based startup Beams aims to resolve these issues and has recently secured $9 million in Series A funding to further its development. This brings the total funding raised by the company to $13.3 million.

Funding Details and Investors

ETF Partners spearheaded the latest investment round, with continued support from existing investors including Giant Ventures, firstminute capital, and Borusan Ventures.

Beams' Core Technology and Approach

Beams utilizes a sophisticated pricing engine to estimate project costs and timelines. This engine leverages data from over 6,000 completed construction projects.

Furthermore, the company employs 3D photographic and laser scanning technology to create detailed home models, facilitating precise renovation design.

The Genesis of Beams

Hayden Wood, Founder and CEO, previously worked at the renewable energy startup Bulb (later acquired by Octopus Energy). It was there he identified the core problem Beams now addresses.

“I observed significant obstacles in making homes more energy-efficient,” Wood explained to TechCrunch. “Many consumers avoided improvements due to perceived risks and complexities.”

He recognized that simplifying the renovation process and mitigating risks could encourage wider adoption of home upgrades, contributing to greener living.

Wood noted the limited use of software within the residential renovation sector, particularly in contrast to commercial construction, and believed this outdated approach hindered progress.

A Managed Marketplace for Homeowners and Builders

Beams functions as a managed marketplace, connecting customers with qualified builders.

Software is integrated into the renovation process to enhance predictability and efficiency.

A proprietary pricing engine not only forecasts project costs but also thoroughly vets builders both before they join the platform and after each project’s completion.

Early Traction and Growth

“We have been operational since September 2023,” Wood stated. “During this period, we’ve facilitated over £4 million in projects.”

Currently, Beams is managing 130 active renovations and has successfully completed 25 projects.

Competitive Landscape

The renovation market includes competitors such as kitchen companies like Neptune, Plain English, Reform, Uncommon, deVOL, Wren, and Magnet.

In the U.K., websites like Checkatrade assist contractors in finding work.

However, Wood emphasizes that “no other company is developing dedicated software that delivers a complete, end-to-end solution encompassing the entire renovation process, from initial planning to final construction.”

Market Opportunity

Beams is targeting a substantial market.

The European renovation market is valued at £380 billion, with London alone representing a £5.5 billion segment.

Future Plans and Contingency Strategies

The company intends to accelerate product development and expand its reach throughout the U.K. and into Europe.

Addressing potential challenges, Wood added, “We are nearing the point of profitability. Should our growth plans not materialize, we will stabilize expenditures and explore alternative business models.”

Investor Perspective

Lucy Rands, partner at ETF Partners, commented: “Hayden and his team have developed a comprehensive service offering that extends beyond basic energy assessments.”

“Their solutions seamlessly integrate sustainability with practical home improvements, contributing to the modernization of aging housing stock across the U.K. and Europe.”