Honeycomb Insurance, a digital insurance company specializing in apartment buildings and condo associations, has raised an additional $40 million in a new round of funding led by Zeev Ventures.
The round also saw participation from existing investor Ibex Investors, as well as new backers Peakline, Alpha Partners, Meitar Partners, Practical VC and former San Francisco 49ers Super Bowl champion Harris Barton.
According to Honeycomb, total financing to date has reached $95 million.
The company added that the new funding will be used to accelerate geographic coverage, improve agent-facing tools, expand product offerings and further enhance its proprietary AI-driven underwriting platform.
Honeycomb explains that it has built its platform around AI-driven underwriting and proprietary risk models that can evaluate properties at the individual building level, enabling them to price risk with a level of sophistication often unmatched by traditional approaches.
“This ability to evaluate assets granularly and dynamically helps Honeycomb scale in changing market conditions and complex risk environments,” the company noted.
Itai Ben-Zaken, co-founder and CEO of Honeycomb Insurance, commented: “We are building Honeycomb into a leader in commercial real estate insurance. We are not adding artificial intelligence to traditional products. Our platform is centered on proprietary data and artificial intelligence models to underwrite each property individually with competitive and fair pricing and terms. This funding will accelerate our expansion into new states and new product lines to achieve this goal.”
Oren Zeev, founding partner at Zeev Ventures, added: “Honeycomb has built something I rarely see – an insurance company that scales rapidly while maintaining lean operations.
“This combination is extremely rare in the insurance industry and reflects the strength of the team and technology. The commercial real estate market is massive and underserved by traditional insurance companies, and Honeycomb is uniquely positioned to be a leader in the category.”
