Diamond, Eisen and more back $15.5m seed round for Honey Insurance launch

Diamond, Eisen and more back $15.5m seed round for Honey Insurance launch

Left to right: David Carter (CEO, RACQ). Richard Joffe (Founder and CEO, Honey Insurance), Peter Tonagh (Chairman, Honey Insurance).

New home and contents insurer Honey Insurance has bottled $15.5 million in a seed round backed by some of the biggest names in the Australian tech innovation space alongside institutional investing giants as it launches today.

Led by institutional investors RACQ, PEXA, Metricon, ABN Group, Mirvac, AGL, SFG, REI and Apex Capital, the seed funding will be used to launch the home and contents insurance company and scale the Honey team for research and development.

The raise also gained support from Zip Co (ASX: Z1P) founder and CEO Larry Diamond, Afterpay (ASX: APT) co-founder and CEO Anthony Eisen, ME Bank former CEO Jamie McPhee, Corelogic former CEO Graham Mirabito, and Airtasker co-founder and CEO Tim Fung.

Led by entrepreneur Richard Joffe, the co-founder and CEO of Park Assist and Stella.ai in the US, Honey Insurance gives customers smart home sensors and lowers premiums as a result.

"There are so many great things about living in Australia, but applying for home and contents insurance felt like travelling back in time thirty years," says Honey Insurance founder and CEO Joffe.

"The sign-up process was slow, unsophisticated and left me totally clueless as to whether I had the right level of protection or not. I knew there had to be a smarter way.

"We use smart data to simplify a process that's currently far too confusing than it needs to be, and to ensure our cover is fast and easy to buy, always fairly priced and it's simple to make a claim."

The founder says the company's policies are designed for modern living, taking into account those who now work from home, to coverage for friends and family who are staying over for a few days.

"At Honey Insurance we invest in our customers by giving them smart technology for the simple fact that 50 per cent of insurance claims are avoidable," says Joffe.

"We believe providing protection upfront is just as important as being there for them in the event of a claim.

"How many other insurance companies do you know that will literally pay out on day one?"

Honey Insurance is underwritten by industry giant RACQ.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Employee resilience is key to business resilience
Partner Content
Employee mental health and wellbeing is top of mind for Australian businesses, and or...
Aon
Advertisement

Related Stories

Daniel Andrews calls for "ring of steel" around Sydney as Victoria records 14 new cases

Daniel Andrews calls for "ring of steel" around Sydney as Victoria records 14 new cases

After Gladys Berejiklian today declared the COVID-19 situation in...

NSW outbreak a "national emergency" as state records 136 locally acquired cases

NSW outbreak a "national emergency" as state records 136 locally acquired cases

Both NSW premier Gladys Berejiklian and Chief Health Officer Dr K...

NZ to suspend Australian quarantine-free travel for eight weeks

NZ to suspend Australian quarantine-free travel for eight weeks

The worsening COVID-19 situation in NSW with transmission into ot...

TGA grants provisional approval of Pfizer COVID-19 jab for those aged as young as 12

TGA grants provisional approval of Pfizer COVID-19 jab for those aged as young as 12

The Therapeutic Goods Administration (TGA) has provisionally appr...