North East insurtech set to launch final £300k investment raise through Seedrs

A North East fintech is preparing to launch the final stage of its multi-million pound fundraise next week.

Insurtech ‘disruptor’ honcho will launch a £300k crowdfunding raise on investment platform Seedrs, as part of its 2019-2020 campaign to raise £2.25m.

Based in Durham, honcho specialises in providing insurance comparisons based on multiple requirements rather than solely on price.

honcho’s commercial director, Frank Speight, explained: “For years we’ve been conditioned by the big price comparison sites into believing that “cheap” is the only thing to look for in insurance, yet ironically insurance is one of the most critical purchasing decisions to get right in terms of the impact it could have on you if you choose badly.

“Cheap is only any good if it gives you the level of cover that you need such that, if the worst happens and you need to claim, you’ve actually got the backup that matches your needs.”

Since launching the investment raise last summer, the firm has secured backing from Maven Capital Partners and Insurtech Gateway, alongside crowd investors on the Crowdcube platform.

CEO of honcho, Gavin Sewell, commented: “This will be the third time that we’ve offered an investment in honcho to the general public, and it continues to be a really important part of our investment mix.

Whilst we are very well supported by our two institutional investors, crowd investors bring a very different kind of dynamic to our business and one that we’re really keen on.

“Our crowd investors get to have early access to our products and help shape their design whilst at the same time having the opportunity to invest in an early stage business that, in most startups, would not be possible.”