Honeycomb Insurance raised $40M in a round led by Zeev Ventures to grow its AI-native approach to insuring apartment buildings and condo associations without a physical inspection. Instead of sending an inspector, the company's platform prices each property by ingesting hundreds of data points like geospatial datasets, aerial imagery, and building history, letting it offer coverage up to 40% cheaper for well-maintained buildings that traditional carriers overcharge or refuse outright. That gap exists because major insurers have retreated from the multifamily segment after weather-related losses, and the ones that remain can't justify inspecting a building for a $5,000 policy, so a well-kept walk-up and a crumbling one get priced the same. Honeycomb ended 2025 profitable, with $275M in gross written premium across 22 states, bringing its total funding to a deliberately modest $95M.
