Startup smart home insurance provider Honey Insurance has successfully raised a whopping $108 million during its Series A funding round.
According to Coverager's report, this round of funding was predominantly led by Gallatin Point Capital, highlighting a critical juncture for the fledgling enterprise.
Launched in 2020, Honey Insurance has swiftly carved a niche for itself by offering a range of insurance products tailored for homeowners, renters, and landlords. The company collaborates closely with RACQ to underwrite its policies.
A distinctive aspect of Honey Insurance's service is the inclusion of three advanced smart home sensors for its customers, aimed at enhancing home security and safety.
Honey Insurance has expanded its market presence by 300% within the last year alone, now holding a 1% share of the competitive market. This significant growth has propelled the startup to achieve an annual recurring revenue of $40 million.
Honey Insurance has made it to LinkedIn's top 20 start-ups for 2023.
