Online insurance auction platform honcho is raising its latest round of funding, just months after it secured £830,000 through crowdfunding.
Alongside funding, the company has picked up authorisation from the FCA, with the platform set for an Autumn launch.
UK-based honcho is a price comparison website for motor insurance, which aims to reduce prices through its ‘reverse auction’ marketplace. The system works by insurance companies bidding for business with consumers, to ensure quotes are competitive.
Earlier in the year, the company raised £830,000 in crowdfunding on CrowdCube, surpassing its initial target of £650,000. Private equity firm Maven Capital Partners contributed £150,000 to the funding round.
Following the funding, the company moved to new offices in Durham and boosted its senior team with the appointment of Chad Crossman as CTO.
honcho commercial director Frank Speight added, “Having FCA authorisation in place is absolutely essential ahead of the launch later this year, and will provide key partners and consumers with the assurance that they are working with a professional and credible organisation.”
The company’s next phase of growth will see it hire up to 15 new employees across the next 12 months.
honcho Gavin Sewell, CEO, said, “We are thrilled to be entering the next phase in the development of this ground-breaking service. We are working to ensure that our launch is as successful as possible and are excited to be working with the insurance community to offer more competitive financial services quotes to consumers.”
Earlier in the week, India-based insurance marketplace Policybazaar reportedly collected $200m in a funding round led by SoftBank.
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