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Technology

honcho

Status: Extended

Jul 13th 2020 - Aug 22nd 2020

Honcho is the UK’s first reverse auction marketplace for financial services that is revolutionising the car insurance market. In a reverse auction, the company works by inviting insurance providers to bid against one another. For just £1 a bid, insurance providers can go head to head to give the customer their best price and helping the latter to avoid any hidden charges and commission. Honcho's first major £830,000 funding round closed in March 2018 with support from crowd investors plus Maven Capital Partners. The company has just launched its first partner integrations, bringing its services to consumers of two major employee benefits platforms plus a major affiliate network. Honcho was selected for the 'Tech Nation Fintech programme 2019.' Honcho will use the investment to diversify its investor base and bring itself to a platform with support for Insurtech businesses, launch offers in other sectors, evolve its role as Platform as a Service (PaaS), and enhance marketing initiatives.

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honcho Rating Review

Pitch rating powered by CROWDRATING

Rated on 17/07/2020

Pitch Rated

86%

Gold

Management

87%

Product

90%

Investment

81%

Log in to view amount pledged

    Log in to view target

    £6,888,166
    pre-money valuation

    14.84%
    equity available

    571
    investors

    £2,510
    pledge per investor

    09190148
    company number

    Liquidation
    company status

    28/08/2014
    incorporated 10 years

What the ratings mean

  • 49% and under
    We suggest potential investors carry out further study of their own
    50-64%
    Room for improvement
    65-79%
    Worth considering
    80%+
    Gold rating, our highest rating

RISK WARNING - The ratings are based on the information provided in the fund raiser’s pitch deck, business plans and financial forecasts which have appeared on a FCA regulated crowdfunding site. Where possible we validate the business plan to public sources such as LinkedIn, Companies House, Credit Agencies and internet searches. We cannot guarantee the information is correct. The ratings report takes no account of the investors/ individual circumstances. Do your own due diligence and get professional advice before investing. Your capital is at risk when investing in private companies.

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Management 87%

Skills 82%
The founder has assembled a skilled operational team covering all the functions required, supported by a strong board with relevant fundraising and scale-up skills. The CEO has held positions of responsibility at European and US investment banks including Morgan Stanley, State Street, Deutsche Bank, and Lloyds Bank in both London and NewYork. The CTO is a technical executive with a passion for building teams, systems, and policies that use technology to bridge the gap between business aspiration and capacity. He provides leadership and strategic vision for information, technology, business and operations utilising a collaborative change engagement process to deliver consistent results. The Marketing Head is a digital technology and marketing specialist and is responsible for honcho’s brand, media and marketing. It was noted that the CEO is also taking up the responsibilities of the Finance Head in the company.

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Funding progress

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Overall

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Log in to view amount pledged

    Log in to view target

    £6,888,166
    pre-money valuation

    14.84%
    equity available

    571
    investors

    £2,510
    pledge per investor

    09190148
    company number

    Liquidation
    company status

    28/08/2014
    incorporated 10 years

  • Internet Business Awards Category Award Winner 2015
  • Hertfordshire Business Awards Finalist 2014

As seen in:

  • The Guardian
  • Financial Times
  • Yahoo! Finance
  • The Times
  • The Daily Telegraph