Honeycomb Insurance Secures $36 Million Funding to Advance AI Technology

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Honeycomb Insurance Secures $36M in Series B Funding to Enhance AI Technology

Honeycomb Insurance, a leading landlord insurer, has recently raised an impressive $36 million in a Series B funding round. The round was led by Zeev Ventures, with participation from new investor Arkin Holdings, as well as existing investors Launchbay Capital, Ibex Investors, Phoenix Insurance, and IT-Farm.

The company’s AI technology allows for precise risk management at the building level, resulting in consistent coverage at a lower cost for well-managed properties. This funding comes at a time when the market for landlord insurance is valued at over $34 billion in the United States.

Honeycomb Insurance is revolutionizing the client and broker experience by offering customized insurance coverage that adapts to changing client needs. The company sells policies directly through its platform and through a network of top-tier insurance brokers, streamlining the process and increasing profitability for brokers.

Currently operating in sixteen states covering 60% of the US market, Honeycomb Insurance insures over $21 billion in commercial real estate assets. The company plans to triple its underwriting volume in the next twelve months and is doubling its headcount to achieve this goal.

CEO Itai Ben-Zakan expressed excitement about the new funding, stating that it will be used to enhance the end-user experience, drive profitability for broker partners, and expand the types of policies offered. With a focus on leveraging AI models and expanding into new insurance markets, Honeycomb Insurance aims to become a one-stop shop for commercial real estate insurance in the US.

Investors like Oren Zeev of Zeev Ventures are confident in Honeycomb’s potential, citing the company’s unique technological advantage and rapid growth in the market. With a deep-tech-enabled underwriting process and a strong presence in multiple regions, Honeycomb Insurance is poised to lead the way in the landlord insurance industry.

Team@GQN.