Maven Capital Partners fund local car insurance company with £750k
Maven Capital Partners has invested a further £750k in disruptive car insurance platform Honcho Markets Ltd (honcho).
The funding has been provided by Maven VCTs (£322,500), North East Development Capital Fund, supported by the European Regional Development Fund (£322,500) and the Finance Durham Fund, established by Durham County Council (£105k).
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 enhancements to its platform.
Alex Marsh led the deal for Maven, who said: “Car insurance is becoming increasingly expensive, particularly for young people, and honcho’s proposition will provide a fun, cost-efficient way of purchasing insurance products via its unique reverse auction marketplace model.
“Gavin has assembled an exceptional management and advisory team around him and has made impressive progress since the Finance Durham Fund originally invested alongside the crowd.
“The engagement and interest honcho has already received from the insurance and broker community has been very encouraging and I’m excited to now see the product launch imminently, after months of hard work from the team.”
honcho raised £850k to fund its app launch in 2018. The initial funding round facilitated the platform build, development of mobile and web apps, Financial Conduct Authority (FCA) authorisation, and the launch of marketing campaigns.
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