Honeycomb Insurance, a Chicago-based digital insurer specialising in apartment buildings and condo associations, has closed a $40m funding round, bringing its total capital raised to $95m.
The round was led by Zeev Ventures, with existing backer Ibex Investors returning alongside new participants Peakline, Alpha Partners, Meitar Partners, Practical VC, and former San Francisco 49ers NFL champion Harris Barton.
The fresh capital will be directed towards expanding the company’s geographical footprint, strengthening tools for agents, broadening its product range, and continuing to develop its proprietary AI-driven underwriting platform.
Over the course of the past year, Honeycomb has recorded gross written premium (GWP) of $275m exiting 2025, entered additional states, and grown total insured value (TIV) across its platform.
Honeycomb’s approach departs significantly from how traditional insurers handle commercial property. Rather than relying on manual underwriting processes and broad risk categorisations, the platform draws on hundreds of structured and unstructured data points for each property, spanning geospatial data, environmental information, building characteristics, and historical performance, alongside proprietary AI models and high-resolution imagery.
This enables the company to price individual properties with a level of granularity that conventional methods typically cannot achieve, including well-maintained buildings that other carriers may pass over regardless of age.
Honeycomb is a deep-tech property and casualty digital insurer built by insurance and real estate veterans. Its platform removes the requirement for physical inspections and supports both admitted and non-admitted products across 22 states, covering more than 65% of the US population.
Honeycomb Insurance co-founder and CEO Itai Ben-Zaken said, “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. This funding accelerates our expansion into new states and new product lines as we move toward that goal.”
Zeev Ventures founding partner Oren Zeev said, “Honeycomb has built something I rarely see – an insurance company that has scaled rapidly while maintaining a lean operation.
“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.”
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