Insurtech Honcho exceeds crowdfunding target

Motor insurance platform, Honcho, has surpassed its £700,000 crowdfunding target, raising just over £750,000 and attracting more than 400 investors on Crowdcube. The company, based in Durham, is expected to use the funds to expand as a reverse auction marketplace for financial services and to increase its offering to van and home.

Chief executive, Gavin Sewell said: “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.

“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,” he added. “Our equity crowd raise is now overfunding, which means that there is still time for investors to own a part of Honcho.”

Honcho raised around £830,000 in a previous crowd round in January 2018 and benefited from a further £750,000 investment from private equity firm Maven Equity Partners in June 2019.

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