Exclusive: Investors bet $40 million on Honeycomb’s no-inspection home insurance AI

Itai Ben-Zaken might be one of the only insurance tech founders who doesn’t need investors’ money—but he’ll still take it. He’s the CEO of Honeycomb Insurance, an AI-native insurer specializing in apartment buildings and condo associations. The company raised a $40 million funding round led by Zeev Ventures, Fortune learned exclusively. Ibex Investors, Peakline, Alpha Partners, Meitar Partners, Practical VC, and NFL Super Bowl champion, former 49ers player Harris Barton also joined. The raise brings total funding to $95 million—a figure that is deliberately modest, according to Ben-Zaken. Honeycomb’s platform ingests hundreds of data points per property—geospatial datasets, aerial imagery, building history—to price each risk individually, without a physical inspection. That lets the company offer coverage up to 40% cheaper for well-maintained buildings that traditional carriers either overcharge or pass on. Its customers are the landlords, condo associations, and HOA boards managing multi-unit residential housing. “We’ve created a machine that can deeply assess risk at almost zero variable cost, and it’s continuing to learn,” Ben-Zaken told me. The company ended 2025 with $275 million in gross written premium (the total volume of insurance premiums a company books), covered more than $100 billion in total insured value across 22 states, and is already profitable. “We are cash flow positive,” Ben-Zaken said. “But just like Amazon in the early days, everything we generate in profit we’re thinking about how to funnel back into building something bigger.” Ben-Zaken, a Wharton MBA and Israeli military intelligence veteran, cofounded Honeycomb in 2019 alongside CTO Nimrod Sadot. The company came together after Ben-Zaken’s first startup, Comprendi, went under—felled by competing against Google and Meta. The lesson he drew: find a market that’s large, fragmented, and one where legacy players