Honeycomb Insurance coverage, a US-based digital property and casualty insurer protecting landlords and condominium associations, has raised $36m in its Sequence B funding spherical.
The funding was led by Zeev Ventures, with participation from new buyers Arkin Holdings and Launchbay Capital, in addition to current stakeholders Ibex Traders, Phoenix Insurance coverage and IT-Farm.
Landlords in search of insurance coverage face a difficult market, with many conventional insurers tightening their standards, the insurer famous.
Honeycomb leverages AI-driven know-how to offer granular danger administration and underwriting on the particular person constructing degree.
This permits the insurer to supply protection with out imposing “blanket limitations” on property age or different broad restrictions.
Honeycomb claims to have coated greater than $21bn in actual property property throughout 16 states, representing round 60% of the US market.
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With the brand new capital, Honeycomb goals to triple its insured asset worth inside a yr and increase into new insurance coverage markets whereas accelerating its AI insurance coverage resolution improvements.
To help its development plans, Honeycomb is seeking to double its workforce from 90 to 180 within the subsequent 18 months.
Headquartered in Chicago, Illinois, the corporate sells insurance policies each straight and thru insurance coverage brokers.
Honeycomb co-founder and CEO Itai Ben-Zakan mentioned: “The brand new funding can be used to additional enhance the end-user expertise, driving enhanced profitability to our dealer companions, and broadening the sort and measurement of insurance policies supplied.
“We plan to deepen our technological benefit with proprietary AI fashions leveraging distinctive first-party information and increase into new insurance coverage markets, turning Honeycomb right into a one-stop store for all the pieces associated to business real-estate insurance coverage within the US.”
Zeev Ventures founding associate Oren Zeev mentioned: “Honeycomb is an instance of an Insurtech firm that solves a significant downside in an enormous market, thus permitting it to extend ARR [annual recurring revenue] at a quick tempo and progress to operational profitability in a short while.
“I’m pleased with this chance to steer the present spherical, as the corporate’s distinctive technological benefit positions it effectively to turn out to be the market chief of their area.”
The funding in Honeycomb’s know-how and workers growth follows an funding from SiriusPoint, a Bermuda-based world insurer and reinsurer, in January 2022.
