Honeycomb Insurance, a Chicago, IL-based startup that provides AI-powered insurance solutions, has raised $36 million in Series B funding, bringing its total funding to $55 million.
Investors
The round was led by Zeev Ventures, with participation from new investors Arkin Holdings and Launchbay Capital, along with existing backers Ibex Investors, Phoenix Insurance, and IT-Farm.
Zeev Ventures is an early-stage venture fund that invests in technology, financial, e-commerce, and consumer service sectors. Founded in 2007 and based in Palo Alto, California.
Honeycomb Use of Funds
The company will use the funding to expand into additional insurance markets and accelerate the innovation of AI-powered insurance solutions. To support its growth trajectory, Honeycomb intends to double its staff from 90 to 180 employees over the next 18 months.
About Honeycomb Insurance
Honeycomb is a deep-tech-powered P&C insurer covering landlords and condo associations in the U.S. By integrating aerial imagery and street-level photography with cutting-edge technologies, including computer vision and artificial intelligence, Honeycomb can underwrite risks more accurately and in real-time, delivering significant value to its customers and agents. Its AI-driven technology allows for granular risk management and underwriting at the individual building level, offering bespoke insurance coverage tailored to evolving client needs. Honeycomb is headquartered in Chicago, IL, with offices in Tel Aviv, Israel, California, Texas, Pennsylvania, Massachusetts, Ohio, Virginia, North Carolina, and Georgia.
Funding Details
Company: Honeycomb Programs Inc.
Raised: $36.0M
Round: Series B
Funding Month: May 2024
Lead Investors: Zeev Ventures
Additional Investors: Arkin Holdings, Launchbay Capital, Ibex Investors, Phoenix Insurance, IT-Farm
Company Website: https://honeycombinsurance.com/
Software Category: Real Estate Insurance
Source: https://www.newswire.com/news/honeycomb-insurance-raises-36m-in-series-b-round-to-deepen-its-ai-22322551