Australian FinTech startup, Honey Insurance, raises $108m to enhance smart home safety

Australian FinTech startup, Honey Insurance, raises $108m to enhance smart home safety

Honey Insurance, an Australian home insurance startup, has just announced a significant boost in its journey to redefine the home insurance landscape.

The company, established in 2020, successfully raised $108m in a Series A funding round, prominently led by Gallatin Point Capital, according to a report from Coverager.

At its core, Honey Insurance is committed to providing more than just insurance; it’s about delivering peace of mind through advanced technology. The startup operates through an underwriting relationship with Australian insurer RACQ, offering comprehensive home, renters, and landlord insurance. What sets Honey apart is its unique approach to insurance – customers are equipped with three smart home sensors designed to monitor various home aspects, enabling proactive prevention against potential mishaps.

Honey Insurance’s philosophy is simple yet profound: Australian homeowners deserve better, safer, and more intelligent insurance solutions. By integrating smart technology into its services, the company is not just insuring properties; it’s actively contributing to making homes safer every day. This commitment is underscored by a significant investment of $250 in safety for each customer from the outset, providing smart sensors that can preemptively alert homeowners to potential dangers such as fire, water damage, and theft.

Moreover, Honey Insurance prides itself on offering more than just savings; it’s about delivering value that grows over time. Customers who reduce their risk through the use of smart sensors enjoy lower premiums, with up to an 8% discount annually. This is part of Honey’s broader mission to make insurance a rewarding experience, not just a contractual necessity.

Keep up with all the latest FinTech news here.

Copyright © 2024 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.