INSUBCONTINENT EXCLUSIVE:
Honk Technologies, a marketplace for towing services for consumers and insurance companies, has raised $18 million in a new round of
funding a little over a year after inking a massive contract with the insurance company, Farmers.
The investment was led by Altpoint
Ventures, with participation from existing investors Structure Capital and Venture 51.
The company said it would use the funds to build on
its network of 75,000 tow truckers and roadside assisters, as well as add new services for insurers, fleet managers and
manufacturers.
Company chief executive Corey Brundage declined to comment on the company revenue, path to profitability or valuation in an
interview.
Honk basically applies to the towing business the same technology ride-hailing uses, making trucks more responsive and slashing
the time that a customer waits to get help when they need it, according to Brundage.
As we wrote last year,roadside assistance is a huge,
According to the market research firm, IBISWorld, customers spend roughly $6 billion on roadside assistance services.
Customers call for a
tow directly from Honk via mobile web or the company app to find a nearby professional and track the location and estimated time of arrival
of their tow truck in real time
Insurance companies, auto OEMs and fleets use the company transparent platform to reduce wait times by over 50 percent, improve customer
satisfaction, harness their roadside assistance data and receive industry leading net promoter scores, according to a statement.
