A lot of small and medium sized businesses struggle with receivables. But what if small and medium sized companies could insure their invoices, so payments were guaranteed?
That’s what insurtech newcomer Hokodo seeks to do. Co-founded by Richard Thornton and and Louis Carbonnier, Oliver Wyman alumni, Hokodo is a business-to-business company that allows its clients to ask their clients a very important question: “Would you like to receive a quote to protect this invoice against non-payment?”
This year Hokodo just scored two big wins: It successfully secured €1.9 million through its latest seed funding round, which was led by European venture capital firm Anthemis, and finalized a partnership with SCOR Global P&C, a Lloyd’s syndicate, to back their products. In the interview with Oliver Wyman partner Matt Leonard, Richard discussed the company’s plans for 2019, including expanding the business into continental Europe. Currently, Hokodo is based in the UK, but Richard says Hokodo’s “DNA is international.” Its other co-founders are from France and Belgium and a founding advisor is from Germany.
But what about the name? Turns out the name has a pretty exotic origin. According to Richard, “The first challenge for any start up is getting a domain address. Our business is all about helping our clients to trade safely, so we started exploring what the word ‘trade’ is in different languages. In Maori the word for trade is hokohoko. We weren’t going to go with Hokohoko.co, but hokodo had a nice ring.”
That’s a nice start to an insurtech company with some real promise. Join Matt and Richard from the floor of InsureTech Connect 2018.