Maven Capital Partners, North East Development Capital Fund, and the Finance Durham Fund led the follow-on investment.
"Car insurance is becoming increasingly expensive, particularly for young people, and honcho's proposition will provide a fun, engaging and more cost-efficient way of purchasing insurance products via its unique reverse auction marketplace model."
Sir Peter Wood and Bain Capital led the funding round to support Pikl in scaling its specialized insurance business.
"Pikl has an innovative proposition that will appeal to a fast-growing and under-served market, with significant potential for global expansion. Louise and her team have the experience and drive to fill this gap and I am delighted to support them on this journey"
The financing round was led by Creandum with participation from MMC Ventures, Notion Capital and existing backers.
"It’s been an incredible privilege to work with such a great team building yulife over the past three years and we’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good. We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives."