Honeycomb Insurance raises $15.4 million

Israeli insurance startup Honeycomb Insurance has raised $15.4 million in a Series A funding round led by Ibex Investors. Phoenix Insurance Company,  Distributed Ventures, IT-Farm, Sure Ventures, and SiriusPoint also participated in the round.

Honeycomb, formerly Agilius, was established in 2019 to reinvent real estate insurance. The MGA is targeting COAs, HOAs, building owners, property managers, and developers, promising instant quotes, expert advice, a digital experience, and up to 40% savings. Honeycomb began selling insurance in the U.S. in June 2021, it operates in four states (Illinois, Arizona, Michigan and Ohio) and plans to expand to ten more this year.

“Commercial lines insurance and specifically insurance for multi-family properties are ripe for disruption given the sheer complexity entailed in underwriting this class of risk, its manual processing legacy, and the absence of a leader in the market. At Honeycomb, we have succeeded in converting the institutional knowledge of our team of industry veterans into algorithms that parse deep, first-party, location-specific data to more accurately evaluate risk. As a result, we can perform more robust underwriting quicker and at a lower cost structure than previously possible.” – Honeycomb’s co-founder and CEO Itai Ben-Zaken.

“Honeycomb is poised to change the game of real estate insurance. Their platform uniquely leverages both first and third-party data to disaggregate risk in ways that are totally different from the rest of the industry. Honeycomb is growing at a rapid pace since its launch, and we believe they will become the dominant platform in this market.” – Gal Gitter, partner at Ibex Investors.