HONEY INSURANCE
Overview
Honey Insurance is an Australian insurtech carrier offering home and contents insurance powered by smart home technology and data analytics. Founded in 2020 by Richard Joffe, Honey launched with AUD 15.5 million in seed funding -- the largest seed round ever raised by an Australian tech startup at the time.
Honey differentiates itself by providing policyholders with a set of smart home sensors (valued at AUD 250) at no additional cost, allowing the company to detect and alert customers to fire, flood, theft, and other risks before they escalate into claims. This proactive risk approach enables Honey to offer premium discounts of up to 8% annually for active smart home engagement.
In 2023, Honey raised AUD 108 million in a Series A round led by US-based Gallatin Point Capital, bringing total funding to AUD 126 million.