UK-based insurtech Honcho, which offers an app that enables car insurance companies to bid for motorists' business, has raised £850,000 ($1,180) in equity funding via CrowdCube. The firm also secured a conditional investment from the Finance Durham Fund of £150,000. Insurers pay Honcho £1 for the chance to bid as many times as they like for a customer, motivating them to keep their premiums competitive. In addition to its own funding, Honcho's investors include venture capital firms Accel Partners and Balderton Capital, along with existing investors, including General Motors, Ford Motor Company and BMW.
UK-based insurtech Honcho, which offers an app that enables car insurance companies to bid for motorists' business, has raised £850,000 ($1,180) in equity funding via CrowdCube. The firm also secured a conditional investment from the Finance Durham Fund of £150,000. Insurers pay Honcho £1 for the chance to bid as many times as they like for a customer, motivating them to keep their premiums competitive. The app aims to reduce premiums for UK motorists, and the Durham-based company hopes to expand to offer pet and home insurance.