Maven's Finance Durham fund leads £850,000 round for Honcho

Finance Durham provided £150,000, with the remaining £700,000 coming from CrowdCube investors. The fresh capital will be used to hire three new people to complete software development and launch the product later in 2018.

The £20m Finance Durham vehicle was set up by Business Durham on behalf of Durham county council. Managed by Maven, the investment in Honcho is the fund's fifth deal.

Company
Honcho was founded in 2014 and is based in Newcastle. The startup is developing an online reverse-auction marketplace for financial services. Through an app, consumers will receive bids from companies and will be able to pick the best option for them. Honcho will start with the car insurance market, with the app slated for launch in 2018.

People
Honcho – Gavin Sewell (CEO).
Business Durham – Sarah Slaven (business development director).
Maven Capital Partners – Alex Marsh (investment manager).

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