Honeycomb, a prominent digital insurer, has successfully secured $36 million in its Series B funding round, marking a significant milestone in its quest to broaden its range of insurance solutions.
This infusion of capital is poised to empower Honeycomb in several key areas. It will bolster efforts to elevate the end-user experience, drive profitability for its network of broker partners, further fortify its technological prowess through the development of proprietary AI models, and capitalize on exclusive first-party data to explore new horizons within the insurance landscape.
Zeev Ventures spearheaded this round of funding, joined by notable new investors Arkin Holdings and Launchbay Capital. Moreover, existing supporters, including Ibex Investors, Phoenix Insurance, and IT-Farm, demonstrated continued confidence in Honeycomb’s vision by contributing to this round.
Specializing in pioneering digital insurance solutions, Honeycomb has particularly made waves in the landlord insurance sector. Its distinctive approach, powered by AI-driven technology, facilitates precise risk management and underwriting at the level of individual buildings. This methodology ensures consistent coverage at competitive rates for properties that are well-maintained.
Itai Ben-Zakan, co-founder and CEO of Honeycomb, affirmed, “The influx of capital will fuel our ongoing efforts to enhance the end-user experience, drive profitability for our broker partners, and diversify the range and scope of policies offered. We are committed to amplifying our technological edge with proprietary AI models that leverage exclusive first-party data, while also venturing into new insurance markets, thereby positioning Honeycomb as the go-to destination for all facets of commercial real estate insurance in the U.S.”
Presently operational in sixteen of the largest U.S. states, encompassing approximately 60% of the market, Honeycomb insures real estate assets exceeding $21 billion. The company aims to triple this figure within the next 12 months. To support its ambitious growth trajectory, Honeycomb plans to double its workforce from 90 employees to 180 over the next 18 months.
Oren Zeev, Founding Partner at Zeev Ventures, remarked, “Honeycomb exemplifies the success story of an InsurTech enterprise addressing a critical need in a vast market, thus enabling rapid growth in ARR and achieving operational profitability within a short timeframe. I am thrilled to lead this funding round, as the company’s distinct technological advantage positions it for leadership in its domain.”
