Durham start-up honcho announces final stage of capital investment raise

Simon Austin's picture

Durham-based car insurance disrupter honcho has announced the final stage of its 2019/20 £2.25m capital investment raise.

This was first launched last summer with investment from Maven Capital Partners and followed this spring with further investment from Maven as well as VC Insurtech. The raise has just £300k of remaining capacity.

This summer honcho is launching for the first time on the Seedrs crowdfunding platform, bringing the opportunity for crowd investors to take part for the final time.

CEO Gavin Sewell said: “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 start-ups, would not be possible.

“Seedrs is a great crowdfunding platform with over £280m in investment raised through them last year. Critically for us, they have a track record in fintech and insurtech businesses including Revolut, Wrisk and Pluto amongst many others.

“We’re really excited to be bringing honcho to Seedrs as well.”

The honcho crowd raise on Seedrs launches on Monday.