Honcho Receives a £750k Investment

Private equity firm Maven Capital Partners has invested a further £750k in Honcho . “The follow-on investment will support the business as it enters its next phase of development to launch the product nationally, add new insurance product lines and make significant enhancements to its platform.”

Established in 2016, the startup is developing a reverse auction marketplace starting with auto insurance to allow insurance companies to bid for consumers’ business. It made plans to launch this winter and those plans have since changed to “We’re launching very soon.” “We’re glad to say that the end is very much in sight. We are now wrestling with one final, stubborn bug before we submit our apps to Apple and Google for app store approval, and move towards launch. Typically, of course, it’s a thorny one, and our CTO is now on first name terms with senior Microsoft Azure engineers in California as they try to work out why a part of their platform isn’t behaving as it should!”

“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.” – Alex Marsh, Maven.