Revolutionizing Home Renovation: How Beams is Transforming the Industry
Home renovation projects often come with a fair share of unpredictability, affecting both customers and builders alike. While small contractors rarely utilize modern technology, larger companies like IKEA continue to rely on outdated legacy systems. However, UK startup Beams believes it has the solution to these challenges. Recently, Beams secured a $9 million Series A funding round, bringing their total fundraising to $13.3 million. This round was led by ETF Partners, with contributions from existing investors such as Giant Ventures, firstminute capital, and Borusan Ventures.
- Beams’ innovative pricing engine accurately forecasts project costs and timelines.
- Utilizes over 6,000 previous building projects for comparative analysis.
- Employs 3D photographic and laser scans for detailed renovation models.
“I saw how much friction existed around making homes more energy-efficient,” shared Founder and CEO Hayden Wood. “Projects were often too risky or complicated for consumers, which meant many avoided making improvements altogether.”
— Hayden Wood, TechCrunch Interview
Wood’s journey began at renewable energy startup Bulb (later acquired by Octopus Energy), where he first identified the problem Beams aims to solve. Noticing the minimal use of software in residential renovations compared to commercial projects, Wood realized that outdated approaches were holding back the sector. Enter Beams: a managed marketplace connecting customers and builders while integrating software to enhance predictability and efficiency in home renovations.
Launched in September 2023, Beams has already sold over £4 million worth of projects. Currently active on 130 renovations with 25 completed, their proprietary pricing engine not only predicts costs but also vets builders throughout the process. Despite competitors like Neptune and Checkatrade in the UK market, Wood emphasizes that no other players offer a comprehensive end-to-end software solution for renovations from planning through execution.
The home renovation market is substantial, valued at £380 billion in Europe and £5.5 billion in London alone. With plans to expand product development and growth across the UK and Europe, Beams is poised for significant impact.
“Hayden and the team have built a comprehensive suite of services that go far beyond simple energy assessments,” commented Lucy Rands, Partner at ETF Partners. “Their solutions seamlessly integrate sustainability with practical home improvements.”
— Lucy Rands, ETF Partners
As Beams approaches breakeven, they remain adaptable to potential economic shifts or project hurdles. Should growth slow down, they plan to stabilize spending and explore alternative business models to maintain their trajectory.
