Insurtech honcho has raised £1.2m ($1.5m) of investment in its latest funding round.

The Durham-based firm, provider of a reverse auction marketplace for financial services, received the investment from a number of sources. These include crowd investors, Insurtech Gateway, and existing investors Finance Durham.

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In addition, the latest funding round saw further investment from Maven’s managed funds.

honcho CEO Gavin Sewell said: “Raising investment is one of the most challenging aspects of running a start-up, and we’re delighted to have achieved this £1.2m raise with the continued support of Maven and with further investment from the crowd. We’re also thrilled to welcome Insurtech Gateway to the honcho family. As specialists in our sector they will bring an immense amount of support to honcho as we enter our next phase of growth. Insurtech Gateway’s expertise across the sector extends from technological capabilities to expertise on products and consumer acquisition, and we’re looking forward to working with them.”

Insurtech Gateway CEO Richard Chattock said: “Today’s consumers rightly demand fairer, more transparent insurance. honcho’s new model delivers this. It reduces commissions, eliminates bias and allows consumers to make purchasing decisions on product as well as price. We’re delighted to be joining honcho’s journey to revolutionising personal lines insurance distribution.”

Twelve insurers are now active on the platform utilising policies from 30 insurers including AXA, Aviva, Ageas and Zurich.

honcho plans to grow by over a dozen more insurance providers in the coming weeks. In addition, it will launch dedicated reverse auction marketplaces for van insurance and for learner driver insurance.

Chief product officer Tom Spence said: “There are over 4 million vans on the UK’s roads and the nation’s van drivers have been at the mercy of price comparison websites for their insurance for far too long. honcho’s van insurance marketplace will launch this spring and we’ll be bringing long-overdue transparency and fairness from some of the UK’s leading van insurance providers.

“Following van insurance, we’ll be extending honcho to learner drivers. When you’re learning to drive the last thing you need is to navigate the mysterious maze of learner insurance to then get lumbered with something that isn’t right for you. honcho is going to change all of this with our special learner zone in the spring, bringing our unique reverse auction marketplace to both temporary and annual learner driver insurance.”