UK insurtech start-up Honcho has raised £850,000 ($1.2m) through a crowdfunding venture after European Union funds supporting it were put on hold. The company is developing an insurance product that will allow people to buy and sell their own life insurance. The Finance Durham Fund will also release £150,000 of investment it had made conditional on Honcho making a success of its crowdfunding effort.
UK insurtech start-up Honcho has raised £850,000 ($1.2m) through a crowdfunding venture after European Union funds supporting it were put on hold. The e-marketplace for insurance providers met its initial target of £650,000 within nine days, having secured funding from 713 investors. The Finance Durham Fund will also release £150,000 of investment it had made conditional on Honcho making a success of its crowdfunding effort.