Digital insurer Honeycomb Insurance has raised $40 mn in new funding, taking the digital property insurer’s total capital raised to $95mn. The round was led by Zeev Ventures, with participation from existing investor Ibex Investors and new backers Peakline, Alpha Partners, Meitar Partners, Practical VC, and former San Francisco 49ers champion Harris Barton.
The Chicago-based insurer specialises in apartment buildings and condominium associations. Honeycomb said the new capital will support broader geographic coverage, better agent-facing tools, wider product offerings, and further development of its proprietary AI underwriting platform.
The company exited 2025 with $275 mn in gross written premium. Over the past year, Honeycomb expanded into more states, added products, and increased total insured value across its platform. The business now insures more than $100bn in assets.
Commercial property insurance continues to shift as carriers look for sharper risk assessment and more flexible underwriting. Honeycomb has built its model around AI-driven underwriting and proprietary risk models that evaluate each property at the individual building level.
That approach lets the company price risk with more precision than broad manual methods used by many traditional insurers.
Honeycomb said its system reviews hundreds of structured and unstructured data points for each property. Those inputs include geospatial and environmental datasets, building characteristics, historical performance, proprietary AI models, and high-resolution imagery.
The platform evaluates each building separately rather than placing properties into broad underwriting buckets.
The company says this approach helps provide competitive coverage for quality, well-maintained buildings that other carriers overlook. Building age alone does not drive the underwriting result, according to Honeycomb’s model.
Traditional insurers often rely on manual underwriting and broad guidelines. That process leaves some properties grouped too widely, missed entirely, or priced in ways that do not match their actual risk.
Honeycomb argues its property-level underwriting offers a different path for landlords, condo associations, brokers, and agents.
We are building Honeycomb to be the category leader in commercial real estate insurance. We didn’t add AI to a legacy offering. Our platform is centered on proprietary data and AI models to underwrite each property individually, with competitive and fair pricing and terms.
Itai Ben-Zaken, co-founder and CEO of Honeycomb Insurance
“This funding accelerates our expansion into new states and new product lines as we move toward that goal.”
Honeycomb has expanded across more than 20 states while maintaining underwriting, operational, and financial discipline. The company said its AI-native infrastructure helps it adjust exposure dynamically, manage catastrophe concentration, and provide more precise coverage across complex property risks.
“Honeycomb has built something I rarely see – an insurance company that has scaled rapidly while maintaining a lean operation,” said Oren Zeev, founding partner of Zeev Ventures.
That combination is exceptionally rare in insurance, and it reflects the strength of both the team and the technology. The commercial property market is massive, underserved by legacy carriers, and Honeycomb is uniquely positioned to become a category leader.
Honeycomb operates as a deep-tech property and casualty digital insurer focused on tailored coverage for landlords and condominium associations. Insurance and real estate veterans built the company to provide custom underwriting and competitive pricing for properties often ignored by traditional carriers.
The company’s platform removes the need for physical inspections and supports admitted and non-admitted products across 22 states. Honeycomb says its footprint covers more than 65% of the U.S. population, with further expansion planned.
Honeycomb is headquartered in Chicago and also has offices in the U.S. and Israel. The company manages more than $100bn in insured assets across its property insurance platform.
According to Beinsure analysts, Honeycomb’s funding round shows investor demand for insurers that combine specialty underwriting with software-style operating efficiency. Apartment and condo risks remain difficult for many carriers because pricing depends on building condition, location, catastrophe exposure, maintenance history, and association governance.
Honeycomb’s bet is that granular data and automated underwriting produce better risk selection without slowing distribution.
