Honcho, a Durham, UK-based provider of an insurtech app, secured a conditional investment of £150,000 as part of an equity crowdfunding campaign on Crowdcube.
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.
FinSMEs
22/12/2017