“Insurtech startup secures $108 million in Series A funding.”

TLDR:

• Insurtech startup Honey Insurance raises $108 million in Series A funding.
• US investors, Gallatin Point Capital, lead the round, marking their first Australian investment.

Honey Insurance, founded by Richard Joffe, offers “smart” insurance using sensors to detect common claims. The startup has around 1% of the Australian home insurance market and collaborates with PEXA Key app. The nine-figure Series A is one of the largest for an Australian startup.

Insurtech startup banks $108 million Series A

Three-year-old insurtech startup Honey Insurance has raised $108 million in a Series A that’s lured in US investors. Founded by entrepreneur Richard Joffe, cofounder of US-based Park Assist and Stella.ai, Honey launched in 2021. The Series A was led by US-based Gallatin Point Capital, making its first Australian investment. The startup now has around 1% of the Australia home insurance market, offering “smart” insurance involving sensors to detect problems that lead to common claims. The startup collaborates with PEXA Key app and is one of the largest Series A rounds for an Australian startup.