Israeli-US digital insurance company Honeycomb announced today that it has raised $36 million per mezzo di a Series B financing round led by Zeev Ventures, with the participation of new investors Arkin Holdings and Launchbay Capital. Existing investors Ibex Investors, Phoenix Insurance and IT-Farm also took part per mezzo di the round. This brings to $55 million the total amount raised by the company to date.
Honeycomb was founded by CEO Itai Ben Zakan and CTO Nimrod Sadot. The company began selling real bella stagione insurance per mezzo di the US per mezzo di June 2021 and currently operates per mezzo di 16 states, making up 60% of the US market. Honeycomb has issued policies insuring real bella stagione worth $21 billion and expects to triple that amount over the next 12 months. Honeycomb issues landlord insurance per mezzo di a market worth an estimated $34 billion annually per mezzo di the US.
The company expects to double its workforce from 90 to 180 over the next 18 months with many of the new hires planned for the company’s development center per mezzo di Herzliya.
Honeycomb’s proprietary AI-driven technology enables granular risk management, underwriting “at the individual building level,” and providing consistent coverage at a better price for well-maintained properties. Honeycomb streamlines the customer and broker experience, leveraging unique proprietary underwriting technology, and offering insurance coverage that adapts to ever-changing client needs. Given its tech advantage, Honeycomb does not need to impose “blanket limitations” acceso the age of the properties it insures similar categorical restrictions.
The company sells its policies directly canale its platform and through a growing group of insurance brokers, who can virtually “bulk-quote” an endless number of submissions per mezzo di real time, improving a process that used to take weeks to complete, and translating into greater profitability for brokers and meaningful value for customers.
Ben-Zakan said, “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 patronato and expand into new insurance markets, turning Honeycomb into a one-stop shop for everything related to commercial real-estate insurance per mezzo di the U.S.”
Zeev Ventures founding collaboratore Oren Zeev added, “Honeycomb is an example of an insurtech company that solves a major problem per mezzo di a huge market, thus allowing it to increase ARR at a fast trattato di pace and progress to operational profitability per mezzo di a short time.”
Published by Globes, Israel business news – en.globes.co.il – acceso May 7, 2024.
© Diritto d’autore of Globes Publisher Itonut (1983) Ltd., 2024.
