Nilam Ganenthiran was president of Instacart before he started Beacon Software in Toronto in January 2024, together with Divya Gupta.
Beacon buys profitable niche software firms and adds engineers, shared services and AI. Ganenthiran says Beacon found better alignment with bootstrapped sellers than with venture-backed ones.
In November 2025 Beacon raised a $250 million Series B at a $1 billion valuation. It was buying roughly one company every two weeks, and Ganenthiran said the business was profitable.
In 2026 Beacon raised a $225 million Series C. It had acquired more than 30 businesses, and portfolio earnings were up over 50%.