Seed13 June 2019

Honcho secures £750k from Maven Capital Partners and regional funds to support national launch and job creation.

Maven Capital Partners, North East Development Capital Fund, and the Finance Durham Fund led the follow-on investment.

£750KSeed

Honcho operates a reverse auction marketplace that allows insurance companies to bid directly for consumer business. The platform aims to bring transparency and competitiveness to personal insurance shopping.

Honcho has secured £750k in seed funding from Maven Capital Partners, North East Development Capital Fund, and the Finance Durham Fund to support its national rollout. The capital will enable the car insurance platform to launch new product lines, enhance its technology, and expand its workforce by ten roles over the coming year. This follow-on investment builds on previous support from regional funds and crowdsourcing campaigns as the company prepares for broader market entry.

From the founder

"The past year has been an incredible journey for honcho and we are delighted to be able to today announce this significant investment to enable our next phase of growth. The team at Maven have been supportive and engaged partners since early 2018, and we are encouraged by their continued belief in the honcho proposition, and in our ability to disrupt what is becoming an ever more distrusted market."

Gavin Sewell

CEO at honcho

Investor perspective

"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."