PriyaPatel
TLDR:
– Honeycomb, a digital insurer, raised $36 million in a Series B funding round led by Zeev Ventures.
– The company’s AI-driven technology enables granular risk management and underwriting at the individual building level.
– Honeycomb plans to triple the $21 billion worth of real estate assets it insures in the next 12 months and double its staff to 180 employees.
– The funding will be used to enhance the end-user experience, drive profitability for brokers, and expand into new insurance markets.
Honeycomb, an Israeli startup, has successfully raised $36 million in Series B funding for its landlord insurance platform. The funding round was led by Zeev Ventures, with participation from new investors Arkin Holdings and Launchbay Capital, as well as existing investors Ibex Investors, Phoenix Insurance, and IT-Farm. This brings the company’s total funding to $55 million. Honeycomb’s AI-driven technology allows for granular risk management and underwriting at the individual building level, providing bespoke insurance coverage that adapts to changing client needs. The company sells policies directly through its platform and through insurance brokers, streamlining the process and cutting down the time it takes to complete submissions. Currently operating in sixteen of the largest states in the U.S., Honeycomb covers around 60% of the market and insures more than $21 billion worth of real estate assets. The company plans to triple this number in the next 12 months and double its staff from 90 employees to 180 within the next 18 months. The new funding will be used to enhance the end-user experience, drive profitability for broker partners, and broaden the type and size of policies offered. Itai Ben-Zakan, co-founder and CEO of Honeycomb, stated that the company plans to deepen its technological advantage with proprietary AI models and expand into new insurance markets, aiming to become a one-stop shop for commercial real estate insurance in the U.S.
