Honeycomb Insurance

growth-positive

Digital insurer Honeycomb has raised $36 million in a Series B funding round, bringing its total funding to $55 million. The round was led by Zeev Ventures and included new investors Arkin Holdings and Launchbay Capital, as well as existing investors Ibex Investors, Phoenix Insurance, and IT-Farm. Honeycombs AI-driven technology enables granular risk management and underwriting at the individual building level. The company plans to use the funding to improve the end-user experience, broaden the type and size of policies offered, and expand into new insurance markets.

growth-positive

Israeli insurtech company Honeycomb has raised $15.4 million in a Series A funding round led by Ibex Investors. Honeycomb has developed a technology stack for multi-family properties that streamlines the insurance process for landlords and condo owners associations. The company plans to launch in 10 more states in the US and expects to insure over $1 billion of real estate assets by the end of Q1 2022. Honeycombs AI-driven technology enables the delivery of customized insurance coverages. The funding round includes participation from SiriusPoint and existing investors. With this funding, Honeycomb has raised a total of $19 million. The company aims to disrupt the commercial lines insurance market for multi-family properties.

growth-positive

Volvo Cars reported a 33% YoY increase in June sales, driven by a surge in all-electric car sales. The company sold 9,535 all-electric cars during the month, marking a 346% increase. Volvo Cars, majority-owned by Chinas Geely, experienced positive growth due to the popularity of its electric vehicles.

growth-positive

Honeycomb, a managing general agent (MGA) for commercial real estate insurance, has announced its North American launch after raising $3.3 million. The company aims to change how multi-family property insurance is purchased, underwritten, and managed by providing data-driven AI-based underwriting for customized policies. Honeycomb plans to expand to five additional states by the end of 2021. It has partnerships with brokers across the U.S. and offers customers the option to purchase insurance through an agent or directly on its website. The companys California agency license indicates appointments from dozens of property/casualty insurance carriers. Honeycombs co-founders include Manny Rios, former CEO at American Modern and chief underwriting officer at USAA. NFP Ventures, started by insurance broker NFP, is one of the investors and agrees that the multi-family property insurance market needs improvement.

growth-positive

InsurTech MGA Honeycomb has raised $3.3 million in initial venture capital and launched its digital insurance platform for multi-family property insurance in North America. Honeycomb aims to simplify and improve the customer experience of purchasing and managing multi-family property insurance through its end-to-end digital platform. The company leverages user-generated proprietary data, advanced AI, and computer vision to automate the underwriting process and provide tailored coverage at a competitive price point. Honeycomb is partnering with brokers across the U.S. and plans to expand to five additional states by the end of 2021. It is currently licensed in 11 states. The companys co-founders include Manny Rios, former CEO at American Modern and chief underwriting officer at USAA.