HONK Technologies Nabs $18M

The round was led by Altpoint Ventures with participation from existing investors Venture 51 and Structure Capital. HONK will use the new funds to accelerate its technology leadership; expand its network of more than 75,000 towing and roadside service providers; deepen its platform services for insurers, fleet managers and manufacturers; and broaden its service offerings to drivers.

"We created HONK to fix what has been a long-standing, nearly universally terrible experience: getting stuck in your car on the side of the road. HONK has revolutionized the roadside assistance marketplace by using mobile technology to dispatch nearby service vehicles to stranded drivers in half the time with higher service quality, while improving utilization and providing faster payment for towing professionals," said Corey Brundage, CEO, HONK Technologies.

The key to HONK's restructuring of this $10 billion market is its use of real-time market-mediating mechanisms and data science-based dispatch algorithms, which benefit the entire roadside assistance ecosystem.

"The response to HONK's platform has been phenomenal," said Brundage. "We've seen our demand increase ten-fold this year."

The improved experience HONK's platform provides for drivers and service providers generates industry-leading customer satisfaction scores for HONK's insurance and fleet clients, such as Farmers Insurance, resulting in increased customer retention and brand loyalty.

"Farmers is constantly exploring new and innovative ways to meet the changing needs of our increasingly connected customers," said Keith Daly, chief claims officer, Farmers Insurance. "We are proud that our collaboration with HONK has helped us to deliver the enhanced convenience and faster service that today's drivers want and expect from their auto insurance provider."

"HONK has rapidly developed a leadership position in the technology-enabled roadside assistance marketplace," said Andy Grapkowski, managing director, Altpoint Ventures. "Over the past several years, the HONK team has continually impressed us with their ability to scale and grow the platform, maintaining industry-leading customer satisfaction levels while supporting rapid growth of new enterprise clients. We are excited to be leading this round and look forward to continued growth and success with the HONK team."

For more information on HONK's platform, visit http://www.honkforhelp.com

About HONK Technologies
HONK's mission is to ensure that vehicle-related problems don't interfere with the things that matter most: getting motorists back on the road and to their final destinations, quickly and safely. HONK connects motorists in need with high-quality towing service professionals through its unique platform that combines both advanced technology and expert human assistance. With the largest GPS-enabled network of service vehicles in the U.S. and Canada, HONK brings fast, accessible, transparent roadside assistance to individuals, automobile manufacturers, insurance carriers and fleets, cutting wait times by over 50%, providing live tracking maps with real-time service progress, and dramatically improving customer satisfaction and NPS. HONK Technologies, Inc. is headquartered in Los Angeles, CA with operations throughout North America. To learn more, visit http://www.honkforhelp.com