The Finance Durham Fund, managed by Maven Capital Partners, provided the funding, pending the successful fund raise (at the time of writing approx. £549k out of the final target of £650k were raised).
The company intends to use the funds to bring the app to the car insurance market in 2018.
Led by Gavin Sewell, CEO, honcho aims to create a UK-based “reverse auction” marketplace for car insurance. Insurers pay honcho £1 for the right to bid as many times as they like for a single customer, allowing them to reduce premiums for drivers and incentivizing them to do so in order to win their custom.
honcho will act as a ‘matchmaker’ between customers and insurers, initially for car insurance, but ultimately across a range of other personal insurance products (such as home and pet) and markets.