Led · Seed · Jun 2021

Honey Insurance is an Australian startup founded in 2020 that offers home, renters and landlord insurance. Policies are offered through an underwriting relationship with Australian insurer RACQ. Customers receive three smart home sensors to monitor different aspects of the home as part of the product. The company has grown 300% in the past year and currently holds roughly a 1% market share. Honey has reached an annual recurring revenue of $40 million. The startup recently completed a large funding round to support its growth. Honey Insurance sells home, contents and landlord coverage in Australia and is underwritten by RACQ. The product includes A$250 worth of smart sensors to detect flooding, fire and theft and customers receive an 8% premium discount if sensors are active. Sign-up is designed to be simple (as little as three minutes) and the company plans to use public and satellite data to automatically update policies when homes change. Honey has added a 30% safety margin to sums insured and increased home office coverage to A$20,000 to address underinsurance. The company plans to use its new capital to hire — targeting 80 positions over the next 12 months — and to fund research and development.