Honey Insurance raises $108 million

Australian home insurance startup Honey Insurance has raised $108 million in a Series A funding round led by Gallatin Point Capital.

Founded in 2020, Honey offers home, renters, and landlord insurance through an underwriting relationship with Australian insurer RACQ. Customers receive three smart home sensors that they can use to monitor different aspects of the home.

Honey has grown 300% in the past year and it currently has a 1% market share.

The startup has reached an annual recurring revenue of $40 million.