Insurtech startup Honey Insurance has raised $108 million in a Series A that’s lured in US investors

Founded by entrepreneur Richard Joffe, cofounder of US-based Park Assist and, Honey launched in 2021. It raised a record $15.5 million in a Seed round led by underwriting partner RACQ and other institutional investors, including AGL, Metricon, Mirvac and PEXA.

Source: Startup Daily

The Series A was led by US-based Gallatin Point Capital, making its first Australian investment. The private investment firm from Greenwich, Connecticut, has backed several emerging insurance companies and late last year, poured US$1.25 billion into Trusted Resource Underwriters Exchange, founded in 2o2o, as part of a partnership with American Family Insurance Group.

The startup now has around 1% of the Australia home insurance market, pitching what it calls “smart” insurance involving Honey-branded sensors build by US tech startup Notion to detect problems that lead to common claims, such as water leaks, open doors and windows, temperature change and sounding smoke alarms. The insurer offers the kit for free along with a premium discount.

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