Honeycomb raises $36 million

Insurance startup Honeycomb Insurance has raised $36 million in a Series B funding round led by Zeev Ventures, with the participation from Arkin Holdings, Launchbay Capital, Ibex Investors, Phoenix Insurance, and IT-Farm. To date, Honeycomb raised $55 million.

Founded in 2019, the startup offers coverage for landlords, apartment buildings and COA and HOA associations. Coverage is available in sixteen states through a partnership with Accredited Surety and Casualty Company.

Honeycomb expects to double its workforce from 90 to 180 over the next 18 months and introduce new products.

“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. 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.” – Itay Ben-Zaken, co-founder and CEO of Honeycomb.

“Honeycomb is an example of an insurtech company that solves a major problem in a huge market, thus allowing it to increase ARR at a fast pace and progress to operational profitability in a short time. I am happy with this opportunity to lead the current round, as the company’s unique technological advantage positions it well to become the market leader in their space.” – Zeev Ventures founding partner Oren Zeev.