Honcho surpasses second-round crowdfunding target

Durham-based insurtech Honcho has surpassed the £700,000 target for its second equity crowdfunding campaign.

Investors from across the UK and overseas have invested small and large sums in the insurtech, whose reverse auction mobile app on Android and iOS invites a panel of car insurers to compete and submit prices to users, which have reached more than 10,000 since August 2019.

With the second equity crowdfunding round on Crowdcube overfunded, Honcho is still open to further investment and expanding its pool of more than 350 investors who are already involved.

Honcho previously raised £830,000 via Crowdcube in early 2018, beating its target by almost 30%. Since then, the insurtech has gone on to raise a further £970,000 from Edinburgh-headquartered venture capital firm Maven Capital Partners and a number of private investors.

Gavin Sewell, chief executive officer of Honcho, said of the funding round: “Crowdfunding is a fantastic way for businesses to raise investment and there have been some huge success stories, such as Monzo Bank and Brew Dog, where members of the public have been able to get involved in investing in really exciting new businesses via crowdfunding.”

“We’re delighted that for a second time crowd investors have backed our business, getting behind our mission to bring much-needed trust, transparency and fairness to the insurance industry.”

Mark Dugdale