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Investments

5

Portfolio Exits

1

Funds

2

About New Era Capital

New Era Capital is a fund based in Maineville, Ohio.

New Era Capital Headquarter Location

2558 Western Row Rd.

Maineville, Ohio, 45039,

United States

513-515-6868

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Latest New Era Capital News

Honeycomb, Digital MGA for Multi-Family Property Insurance, Launches with $3.3M

Jun 23, 2021

Honeycomb, a managing general agent (MGA) for commercial real estate insurance, announced its North American launch following a $3.3M million raise. Investors in Honeycomb ( formerly Agilius) include from Phoenix Insurance, New Era Capital Partners, IT-Farm Corp. and NFP Ventures. San Francisco-based Honeycomb aims to change how multi-family property insurance is purchased, underwritten and managed. Itai Ben-Zaken, co-founder and CEO of Honeycomb, maintains that this $22 billion market is currently inefficient and outdated, such that it can take weeks for condominium and homeowner associations, condo owners and landlords purchasing this insurance to receive a quote. “The market is fragmented and lacks transparency and underwriting sophistication, resulting in costly policies and inadequate coverage,” the company says, promising that Honeycomb’s data-driven AI-based underwriting will provide “customized right-priced policies” and rate-quote-bind in minutes. “It’s mind-blowing that personal lines have advanced so much, and commercial is stuck in the past,” said Ben-Zaken. “Insureds purchasing HOA insurance shouldn’t have to deal with manual forms, long underwriting reviews, weeks of waiting, or documents being passed from customer to broker to underwriter and back for every change. That’s where we are changing things. With Honeycomb, there’s no more manual underwriting or lack of quality data points, no more paper forms and no more endless back-and-forth emails.” Honeycomb is currently only available in Illinois but it has plans to expand to five additional states by the end of 2021. It is licensed in 11 stares: Arizona, California, Colorado, Illinois, Maryland, Michigan, New Jersey, New York, Pennsylvania, Texas and Washington. Honeycomb’s California agency license indicates it has appointments from dozens of property/casualty insurance carriers including Ace, American Casualty, Chubb, Continental Casualty, Golden Eagle, Great Northern, Ohio Casualty, Pacific Employers, Peerless Insurance, Philadelphia Indemnity, Spinnaker Insurance, Travelers and Westchester Fire and Vigilant Insurance. Honeycomb is partnering with brokers across the U.S., so customers have the option of purchasing insurance through an agent or directly on its website. Online customers receive real-time competitive options after answering a few questions. They can bind the policy immediately and have up to seven days to complete the remote inspection through the Honeycomb app by taking pictures of the building structure and key risk-indicative elements inside the premises. Post-purchase, the app provides risk mitigation recommendations, as well as a digital claims process. Co-founders of the company include Manny Rios, former CEO at American Modern and chief underwriting officer at USAA. Rios serves as chief underwriting officer for Honeycomb. In 2002, when it was named Agillus, the firm won first place at InsurTech NY’s 2020 startup competition out of 200 companies. NFP Ventures, started by insurance broker NFP, agrees the multi-family market could use improvement, especially for smaller accounts. “The U.S. multi-family property insurance is one of the most wildly inefficient insurance markets,” said Adam Blumencranz, vice president, NFP Ventures. “Complex policies, too small to justify thorough manual underwriting practices, lead to broad-brush risk assessment where many insurers restrict coverage based on region or building age.” Blumencranz said Honeycomb seeks to corrects this with AI-based underwriting that simplifies shopping for customized insurance for all building types. The platform’s risk management offerings also “allow brokers to have more frequent and meaningful engagement with customers over the lifetime of a policy,” he added.

New Era Capital Investments

5 Investments

New Era Capital has made 5 investments. Their latest investment was in Twine Solutions as part of their Series B on May 5, 2021.

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New Era Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/18/2021

Series B

Twine Solutions

$28M

No

2

12/12/2018

Series B

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$99M

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10

12/4/2018

Series A

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$99M

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10

2/21/2011

Unattributed VC

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$99M

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10

6/19/2000

Series B

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$99M

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10

Date

5/18/2021

12/12/2018

12/4/2018

2/21/2011

6/19/2000

Round

Series B

Series B

Series A

Unattributed VC

Series B

Company

Twine Solutions

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Amount

$28M

$99M

$99M

$99M

$99M

New?

No

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Co-Investors

Sources

2

10

10

10

10

New Era Capital Portfolio Exits

1 Portfolio Exit

New Era Capital has 1 portfolio exit. Their latest portfolio exit was Connecture on December 12, 2014.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/12/2014

IPO

$991

2

Date

12/12/2014

Exit

IPO

Companies

Valuation

$991

Acquirer

Sources

2

New Era Capital Fund History

2 Fund Histories

New Era Capital has 2 funds, including New Era Capital Partners II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

8/6/2020

New Era Capital Partners II

$31.8M

1

9/28/2017

New Era Capital Fund

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$99M

10

Closing Date

8/6/2020

9/28/2017

Fund

New Era Capital Partners II

New Era Capital Fund

Fund Type

Subscribe to see more

Status

Amount

$31.8M

$99M

Sources

1

10

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