Honeycomb Raises $15.4M in Series A Funding

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Honeycomb is a San Francisco-based insurtech startup. It raised $15.4m Series A funding.

Ibex Investors led the round with participation from SiriusPoint Ltd and existing investors Phoenix Insurance and Distributed Ventures (FKA NFP Ventures), IT-Farm and Sure Ventures.

Honeycomb, which started writing U.S. insurance policies in June 2021, is now present in four states: Illinois, Arizona and Michigan. Plans are to expand this year into ten additional states that cover 60% of the country. Honeycomb anticipates insuring more than $1B worth of real estate assets by Q1 2022.

Honeycomb, led by Itai BenZaken as CEO and co-founder, provides multi-family property insurance through an end-to-end digital platform. Honeycomb uses proprietary user-generated data, advanced AI and computer vision to automate its underwriting process.

The company sells policies directly through its platform and through a select group of insurance brokers.

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