honcho has created a new and innovative platform that will provide consumers with a cheaper, user experience focussed and totally transparent way of buying products and services through an electronic marketplace where companies bid for their business. The company's vision is to become the largest reverse-auction marketplace for financial services products in the UK.
Product development and job creation
The team at Maven have been supportive and engaged partners since early 2018, and we are encouraged by their continued belief in the honcho proposition, and in our ability to disrupt what is becoming an ever more distrusted market.
Managing Director of Honcho Markets
honcho raised £850,000 to fund its app launch last year, securing £200,000 more than it intended to raise, and closing the investment window nine days early. The initial funding round facilitated the platform build, development of mobile and web apps, Financial Conduct Authority (“FCA”) authorisation, and the launch of marketing campaigns.
The UK consumer insurance industry is the largest in Europe and the third largest in the world, with 911 authorised general insurance companies in the UK alone. The market is currently dominated by price comparison websites which are increasingly being scrutinised for a lack of transparency.
The investment will support the business as it enters its next phase of development to launch the product nationally, add new insurance product lines and make significant enhancements to its platform. The investment will also support the creation of 10 jobs over the next 12 months, bringing the total staff numbers to 15.
Could the North East Development Capital Fund help support your growth journey?
If you’re running a North East business that’s looking to grow, we’d love to hear from you. Feel free to give us a call to find out more about our flexible funding solutions:
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