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 offer Honcho £ ##500 for the chance to bid as many cars as they like for a customer , enabling them to keep their premiums competitive . The app aims to raise money for UK motorists , and the Durham - based company hopes to continue to offer pet and home insurance .
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.