Honeycomb locks in $36m funding for expanding insurance services

May 16, 2024
1 min read

TLDR:

  • Honeycomb, a digital insurer, raised $36m in Series B funding to expand its insurance offerings.
  • The funding will be used to enhance user experience, drive profitability for broker partners, and leverage AI technology.

Key Elements:

Honeycomb, a leading digital insurer, secured $36m in a Series B funding round led by Zeev Ventures to expand its insurance offerings. The funding will support the company in enhancing the end-user experience, driving profitability for broker partners, and leveraging unique technological advantages. Honeycomb specializes in providing innovative digital insurance solutions, particularly in the landlord insurance sector, through its AI-driven technology that offers granular risk management and underwriting at the individual building level. The company plans to use the funding to expand into new insurance markets and aims to triple its coverage of real estate assets within the next 12 months.

Itai Ben-Zakan, CEO of Honeycomb, highlighted the focus on improving user experience, profitability, and broadening the type and size of policies offered with the new funding. The company currently operates in sixteen of the largest states in the U.S. and covers approximately 60% of the market. To support its growth, Honeycomb plans to double its staff from 90 to 180 employees in the next 18 months. Oren Zeev, Founding Partner at Zeev Ventures, emphasized Honeycomb’s unique technological advantage and its potential to become a market leader in the insurance space.

Overall, Honeycomb’s successful funding round and strategic plans for expansion demonstrate its commitment to innovation and growth in the digital insurance sector, positioning the company for future success and leadership in the industry.

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