Digital insurance coverage firm Honeycomb introduced at present that it has raised $36 million in a Series B financing spherical led by Zeev Ventures, with the participation of latest buyers Arkin Holdings and Launchbay Capital. Existing buyers Ibex Investors, Phoenix Insurance and IT-Farm additionally took half within the spherical. This brings to $55 million the overall quantity raised by the corporate up to now.

Honeycomb was based by CEO Itai Ben Zakan and CTO Nimrod Sadot. The firm started promoting actual property insurance coverage within the US in June 2021 and at present operates in 16 states, making up 60% of the US market. Honeycomb has issued insurance policies insuring actual property price $21 billion and expects to triple that quantity over the following 12 months. Honeycomb points landlord insurance coverage in a market price an estimated $34 billion yearly within the US.

The firm expects to double its workforce from 90 to 180 over the following 18 months with lots of the new hires deliberate for the corporate’s improvement middle in Herzliya.

Honeycomb’s proprietary AI-driven expertise permits granular danger administration, underwriting “at the individual building level,” and offering constant protection at a greater worth for well-maintained properties. Honeycomb streamlines the client and dealer expertise, leveraging distinctive proprietary underwriting expertise, and providing insurance coverage protection that adapts to ever-changing consumer wants. Given its tech benefit, Honeycomb doesn’t have to impose “blanket limitations” on the age of the properties it insures or related categorical restrictions.

The firm sells its insurance policies immediately through its platform and thru a rising group of insurance coverage brokers, who can just about “bulk-quote” an infinite variety of submissions in actual time, bettering a course of that used to take weeks to finish, and translating into higher profitability for brokers and significant worth for patrons.

Ben-Zakan stated, “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.”

Zeev Ventures founding accomplice Oren Zeev added, “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.”

Published by Globes, Israel enterprise information – en.globes.co.il – on May 7, 2024.

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