Honeycomb raises $36M Series B for landlord insurance platform
Honeycomb raises $36M Series B for landlord insurance platform
The Israeli startup insures more than $21 billion worth of real estate assets and expects to triple that number in the next 12 months
Digital insurer Honeycomb announced on Tuesday that it has raised $36 million in a Series B funding round. The round was led by Zeev Ventures, with the participation of new investors Arkin Holdings and Launchbay Capital. Existing investors Ibex Investors, Phoenix Insurance and IT-Farm also took part in the round. Honeycomb took its total funding to date to $55 million.
Honeycomb’s AI-driven technology enables granular risk management, underwriting “at the individual building level.” Honeycomb’s platform for landlord insurance simultaneously streamlines the customer and broker experience, offering bespoke insurance coverage that adapts to ever-changing client needs.
The company sells its policies directly via its platform and through a growing group of insurance brokers, who can virtually “bulk-quote” an endless number of submissions in real time, improving a process that used to take weeks to complete.
Honeycomb, founded by Itai Ben-Zakan (CEO) and Nimrod Sadot (CTO), now operates in sixteen of the largest states in the U.S., covering approximately 60% of the U.S market. It insures more than $21 billion worth of real estate assets and expects to triple that number in the next 12 months. To achieve these goals, Honeycomb plans to double its staff from the current headcount of 90 employees to 180 within the next 18 months.
“The new funding will be used to further improve the end-user experience, driving enhanced profitability to our broker partners, and broadening the type and size of policies offered,” said Itai Ben-Zakan, co-founder and CEO of Honeycomb. “We plan to deepen our technological advantage with proprietary AI models leveraging unique first-party data and expand into new insurance markets, turning Honeycomb into a one-stop shop for everything related to commercial real-estate insurance in the U.S.”
