Zeev Ventures leads $36M Series B funding round for Honeycomb Insurance

Itai Ben-Zaken, a former BCG consultant and Wharton MBA, learned valuable lessons from the failure of his first startup in 2018. After realizing the mistake of competing in a market dominated by Google and Facebook, Ben-Zaken decided to launch a new venture in a less crowded space. This led to the creation of Honeycomb Insurance, a company offering property and casualty insurance for landlords and condo associations.

With a focus on innovation and leveraging technology such as computer vision and AI-driven property inspection, Honeycomb quickly gained traction in the market. The company’s unique approach attracted the attention of solo venture capitalist Oren Zeev, who became the company’s largest shareholder by investing $30 million in its Series B funding round.

Zeev, known for his successful investments in companies like Navan, Houzz, and Next Insurance, saw the potential in Honeycomb’s growth and the untapped opportunities in the landlord insurance industry. Despite his initial reluctance towards the insurance sector, Zeev was impressed by Honeycomb’s vision and decided to support the company’s expansion.

With the new funding, Honeycomb plans to double its workforce, introduce new products, and expand into new markets. Ben-Zaken envisions the company becoming a one-stop shop for commercial real estate insurance, further solidifying its position in the industry.

As the insurtech space continues to evolve, Honeycomb’s success story serves as a testament to the importance of strategic decision-making and seizing opportunities in emerging markets. With the backing of experienced investors like Zeev, the company is poised for even greater growth and innovation in the years to come.