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Honeycomb raised $36M Series B from Zeev Ventures

Honeycomb raised $36M Series B from Zeev Ventures

Honeycomb Insurance has raised a significant $36 million Series B funding round, with Zeev Ventures as the sole venture capitalist. Drawing from his previous startup experience, Ben-Ziken recognized the importance of entering a market with multiple competitors, unlike his first venture which faced the dominance of Google and Facebook.

With Honeycomb Insurance, Ben-Zaken targets the property and casualty insurance sector for landlords and condo associations, an industry with numerous small providers and no single dominant player. Leveraging his background in insurance and technology, Ben-Ziken developed Honeycomb's AI-powered property inspection technology, reducing the need for costly physical inspections using aerial images of building rooftops. .

Following a successful Series A round in 2022, Honeycomb is poised for a phenomenal three-fold increase in insurance premium sales, reaching $130 million in 2024. Ben Zakin's strategic move to secure funding from leading investor Oren Zev, known for backing successful ventures such as Next Insurance and Hose, highlights the company's growth potential and innovative approach.

Despite Ziff's usual caution about the insurance sector, Honeycomb's unique position in the homeowner's insurance market and its potential for disruption caught his attention. With Honeycomb's rapid expansion plans, including doubling its workforce and diversifying its product offerings, Ben Zeken aims to establish the company as a comprehensive solution for commercial real estate insurance. And to further strengthen its position in the industry.

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