An online-only property insurer that underwrites condo, HOA, and small-apartment policies in three minutes using hundreds of data points per building rather than physical inspections. Honeycomb (formerly Agilius) targets condo associations, small landlords, and property managers — a fragmented segment where legacy carriers under-serve and mis-price well-maintained buildings.
StoryHouse participated at the Seed, part of the T-Bird fund. Since then, Honeycomb has raised additional capital — most recently a $40M round in June 2026 that brought total funding to $95M, led by Zeev Ventures with participation from Ibex, Peakline, Alpha Partners, Meitar Partners, Practical VC, and former 49er Harris Barton (Fortune). Company reports $275M in 2025 gross written premium, $100B+ in total insured value across 22 states, and profitability. This is a live portfolio position marked to Funded in Airtable. Note: the Airtable 'Date of SH Investment' field reads 2030-09-03, which is clearly a data-entry anomaly given the 2019 founding date — flagged in the Deal Box but not otherwise interpreted.
Governance-based, data-driven underwriting is a genuine wedge in a segment where legacy carriers are pulling back from HOAs due to rising cat losses and are pricing on age-of-roof heuristics rather than building-quality signals. Rising premiums create a strong opening for a carrier that can defensibly price better risks lower — Honeycomb's stated 40% discount for well-maintained buildings maps directly onto that dislocation.
| Player | Positioning | Funding / Stage | Edge vs. them |
|---|---|---|---|
| Honeycomb Insurance | AI-underwritten condo/HOA/landlord master policies; no physical inspection | $95M total funding as of June 2026 (Fortune) | — |
| Kin Insurance | Direct-to-consumer homeowners for cat-prone geographies | ~$422M raised; ~$2B valuation | Kin serves individual homeowners; Honeycomb owns the HOA-master-policy niche |
| Hippo | Home insurance + smart-home telematics; three tuck-in acquisitions (Swing, Spinnaker, Sheltr) | Public (NYSE: HIPO) | Hippo focuses on single-family; Honeycomb underwrites multi-family common areas |
| Steadily | Landlord insurance for rental owners; strong online experience | Growth-stage | Steadily overlaps in landlord segment; Honeycomb's building-governance underwriting is distinct |
| Openly | Premium homeowners via independent agents | Growth round in April 2026 | Different channel (independent agents) and target (upmarket single-family) |
| Legacy carriers (State Farm, Allstate, etc.) | Traditional HOA master policies via legacy underwriting | Incumbent | Structurally disadvantaged on the data/UX axis; retreating from many condo markets |
Moat: proprietary underwriting model plus a growing loss dataset on condo/HOA buildings; strong network effects between property managers, HOAs, and Honeycomb's data feedback loop.
Insurtech exits reached 3-year highs in early 2026, with incumbents willing to pay for the technology + data + embedded distribution insurtechs built. CVC's June 2026 $1.75B acquisition of Bamboo (homeowners distribution) is the most-cited large-cap comp for property-focused insurtech. Public comps include Hippo and Lemonade; likely acquirers span top-30 P&C carriers plus PE-backed platform aggregators. Return math on the $5M pre-money seed entry is favorable even at conservative exit multiples given the $140M valuation post-Series B and $275M in 2025 GWP.