When Itai Ben-Zaken, former BCG consultant and Wharton MBA, reflected on his previous startup’s failure in 2018, he recognized the importance of market dynamics. Deciding to venture into a less saturated market, Ben-Zaken founded Honeycomb Insurance in 2019, specializing in property and casualty insurance for landlords and condo associations.
Utilizing advanced technology such as computer vision and AI-driven property inspection, Honeycomb streamlines the insurance process, leveraging aerial photographs to minimize the need for costly physical inspections. Since its inception, the company has experienced significant growth, securing a $15 million Series A in 2022 and projecting a threefold increase in insurance premiums for 2024.
In its latest funding round, Honeycomb attracted the attention of solo venture capitalist Oren Zeev, known for his strategic investments in various successful ventures. Impressed by Honeycomb’s potential, Zeev committed $30 million to the Series B round, making him the company’s largest shareholder. Additional investors include Arkin Holdings and Launchbay Capital, along with returning backers Ibex Investors, Phoenix Insurance, and IT-Farm.
Despite his reservations about the insurtech sector, Zeev recognized Honeycomb’s unique position within the landlord insurance market—a sector ripe for innovation yet underserved by industry giants. With this injection of capital, Honeycomb plans to expand its team, introduce new products, and explore opportunities in additional markets, with ambitions to become a comprehensive solution for commercial real estate insurance.
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By Proptechbuzz
By Ravi Kumar