Honeycomb Insurance has raised a significant $36 million Series B funding round, with Zeev Ventures as the sole venture capitalist. Ben-Zaken, drawing from his previous startup experience, recognized the importance of entering a market with numerous competitors, unlike his first venture that faced dominance from Google and Facebook.
With Honeycomb Insurance, Ben-Zaken targets the property and casualty insurance sector for landlords and condo associations, an industry characterized by numerous smaller providers and no single dominant player. Leveraging his background in insurance and technology, Ben-Zaken developed Honeycomb’s AI-driven property inspection technology, minimizing the need for costly physical inspections by utilizing aerial photographs of building roofs.
Following a successful Series A round in 2022, Honeycomb is set to achieve a remarkable threefold increase in insurance premiums sales in 2024, reaching $130 million. Ben-Zaken’s strategic move to secure funding from Oren Zeev, a renowned investor known for his backing of successful ventures like Next Insurance and Houzz, highlights the company’s growth potential and innovative approach.
Despite Zeev’s usual caution towards the insurance sector, Honeycomb’s unique positioning in the landlord insurance market and its potential for disruption captured his attention. With Honeycomb’s rapid expansion plans, including doubling its workforce and diversifying its product offerings, Ben-Zaken aims to establish the company as a comprehensive solution for commercial real estate insurance, further solidifying its position in the industry.
