Israel-based InsurTech startup Honeycomb Insurance has secured $15.4m in a Series A funding round led by Ibex Investors, a report by Coverager has revealed.
Phoenix Insurance Company, Distributed Ventures, IT-Farm, Sure Ventures, and SiriusPoint also participated in the round.
Established in 2019, Honeycomb is a reinsurance-backed MGA striving to provide simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. Honeycomb leverages user-generated proprietary data, advanced AI and computer-vision to automate a manual, inaccurate and costly underwriting process.
Honeycomb began selling insurance in the U.S. in June 2021, it operates in four states (Illinois, Arizona, Michigan and Ohio) and plans to expand to ten more this year.
Itai Ben-Zaken, co-founder and CEO at Honeycomb, said: “Commercial lines insurance and specifically insurance for multi-family properties are ripe for disruption given the sheer complexity entailed in underwriting this class of risk, its manual processing legacy, and the absence of a leader in the market.”
Gal Gitter, partner at Ibex Investors, added: “Honeycomb is poised to change the game of real estate insurance. Their platform uniquely leverages both first and third-party data to disaggregate risk in ways that are totally different from the rest of the industry
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