Honeycomb, a San Francisco, CA-, Denver, CO- and Tel Aviv, Israel-based insurtech strartup, raised $15.4m in Series A funding.
The round was led by Ibex Investors with participation from SiriusPoint Ltd, and existing investors Phoenix Insurance, Distributed Ventures (FKA NFP Ventures), IT-Farm, and Sure Ventures.
The company, which began writing U.S. policies in June of 2021, now operates in four states — Illinois, Arizona, Michigan, and Ohio – with plans this year to launch in ten more states covering 60% of the country. Honeycomb expects to insure more than $1B of real estate assets by the end of Q1 2022.
Led by co-founder and CEO Itai Ben-Zaken, Honeycomb is a reinsurance-backed MGA providing multi-family property insurance through its end-to-end digital platform. The company leverages proprietary user-generated data, advanced AI, and computer-vision to automate the underwriting process.
The company sells its policies directly via its own platform and through a hand-picked group of insurance brokers.