Home renovation projects often pose challenges for both homeowners and contractors. Many small contractors lack access to modern tools, while larger renovation companies, such as IKEA, continue relying on outdated software. UK-based startup Beams aims to address these inefficiencies with a technology-driven approach. The company has secured $9 million in Series A funding, bringing its total funding to $13.3 million.
The funding round was led by ETF Partners, with additional backing from Giant Ventures, firstminute capital, and Borusan Ventures.
Beams leverages advanced technology to streamline renovation projects. Its proprietary pricing engine estimates project costs and timelines by analyzing data from over 6,000 completed building projects. The system incorporates 3D photographic and laser scans to create detailed home models, enabling precise renovation designs.
Hayden Wood, Beams’ founder and CEO, previously co-founded renewable energy company Bulb, which was later acquired by Octopus Energy. Wood’s experience at Bulb exposed him to challenges in making homes more energy-efficient. “Projects were often too risky or complicated for consumers, deterring many from making upgrades. By simplifying the process and mitigating risks, we can help more people improve their homes and make them greener,” Wood explained.
Beams serves as a managed marketplace connecting homeowners with vetted contractors. It incorporates software to enhance predictability and efficiency in home renovations. Contractors are evaluated before joining the platform and after each completed project.
Since its launch in September 2023, Beams has facilitated over ÂŁ4 million in renovation projects. The company is currently overseeing 130 active renovations and has completed 25 projects.
Beams faces competition from kitchen specialists like Neptune, Devol, and Wren, as well as lead-generation platforms such as Checkatrade. However, Wood emphasizes Beams’ unique approach: “No other players are building proprietary software that offers a complete end-to-end solution, covering everything from planning to construction.”
The residential renovation market represents a significant opportunity, valued at ÂŁ380 billion across Europe and ÂŁ5.5 billion in London alone. With the new funding, Beams aims to expand its product offerings and scale operations across the UK and Europe.
Addressing potential economic challenges, Wood stated, “We’re nearing breakeven. If growth slows, we will adjust spending and explore alternative business models.”
Lucy Rands, Partner at ETF Partners, commented on the investment: “Hayden and his team have developed comprehensive solutions that integrate sustainability with practical home improvements, modernizing aging housing stock across the UK and Europe.”
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By Proptechbuzz
By Ravi Kumar
