Australian FinTech Firm Raises $108M to Improve Smart Home Security

Honey Insurance, an Australian FinTech firm, secures $108 million to enhance smart home security. The 2020-founded company's Series A funding round was led by Gallatin Point Capital. Honey provides complete house, renters, and landlord insurance with smart home sensors for proactive disaster prevention.

The company's mission is to offer better, safer, and more knowledgeable insurance options by incorporating cutting-edge technology. Honey allocates a significant $250 upfront investment in each customer's safety, providing smart sensors for potential threats like fire, water damage, and theft. Customers who use smart sensors can enjoy up to an 8% annual reduction in rates.

Honey Insurance's approach goes beyond traditional insurance to actively contribute to home safety improvements. The company aims to transform insurance into a fulfilling experience, offering value that increases over time for its customers.