Car insurance app Honcho is aiming to raise £700,000 by once again launching a crowdfunding campaign.
The business, which operates a reverse auction site where insurers can bid for drivers insurance contracts, has taken to Crowdcube to secure the investment.
At the moment the crowdfunding campaign is only available to a select number of people who have been granted early access by the company.
Despite this Honcho has already raised £474,550 from 36 investors. This includes a single investment of £250,000.
Gavin Sewell, Honcho’s CEO, said the company would use the money to launch new products while also allowing it to boost its marketing activity.
Mr Sewell, CEO of Honcho, said: “We’re raising again on Crowdcube to allow us to continue to enhance our apps and user experience, deliver support on the platform for our next insurance products – van and learner, integrate honcho with other financial services marketplaces to seamlessly bring honcho to their users and to spread the word via our innovative digital marketing campaigns.”
The campaign is aiming to raise a minimum of £700,000 and will open to the general public before Christmas. The firm has not given an exact closing date for the campaign but said it will end in January.
This is the third fundraise to be carried out by Honcho in 2019. The first saw the company receive £750,000 of investment from Maven Capital Fund, with the cash being made up of £322,500 of Maven’s own money and £322,500 from the North East Development Fund.
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Honcho also took to Crowdcube in October to attempt to raise £500,000 through the site. At the same time the firm raised a further £750,000 from Maven.
In a message to potential backers on Crowdcube Mr Sewell said: “It’s been two years since we kicked off our first crowdfunding raise here on Crowdcube and here we go again.
“It has been an amazing journey for us since that first round closed, raising almost 30% more than our target amount. Our team has quadrupled in size, we’ve moved office (twice!), completed our FCA authorisation, oh, and launched the world’s first reverse-auction marketplace for financial services!
“The past six months in particular have been fantastic. Releasing our iOS and Android apps at the end of summer was a major step on our journey, and since then thousands of motorists across the 海角视频 have been downloading honcho and using it to get bids for their car insurance.”