SOURCE: HONK Technologies, Inc.

HONK Technologies, Inc.

March 26, 2015 07:30 ET

HONK, Nation's Leading On-Demand Roadside App, Announces $12 Million in Series A Financing

Infusion of Capital to Increase Product Development and Partner Expansion for Fastest-Growing On-Demand Roadside App

SANTA MONICA, CA--(Marketwired - Mar 26, 2015) - HONK, the fastest growing roadside assistance app that launched four months ago, today announced that it has raised $12 million in Series A funding led by Altpoint Ventures, bringing the company's total venture funding to $13.8 million. HONK will leverage the new round of funding to continue enhancing its service offering and technology, and further expand distribution in the $10 billion roadside assistance market.

HONK is a free mobile application that instantly connects distressed motorists in need of tow, tire change, jump start, fuel, or lock out services to more than 20,000 tow trucks nationwide 24 hours a day, 7 days a week. With "Guaranteed Never to Exceed" prices that start at just $49, and no membership fees or limitations, motorists see their final price before they place an order. HONK's nationwide network is comprised of the highest quality towing and roadside assistance providers, with nearly 30 years of experience on average. Unlike major auto clubs, HONK's app-based technology ensures that its service trucks arrive in just 15 to 30 minutes.

"HONK is a safe, transparent and simple to use solution that leverages technology to help stranded motorists get back on the road in a fast, reliable and affordable way," said Corey Brundage, CEO and founder of HONK. "HONK users experience the same peace of mind previously only available through auto club memberships, without the membership fees."

Since HONK's launch in November, it has grown to become the largest service fleet in the United States with mobile app-based "track and trace" technology, providing 15 to 30 minute ETAs in all major cities.

CAPITAL RAISED BY TOP VENTURE FIRMS AND NOTED INVESTORS:

Altpoint Ventures continues to invest in on-demand marketplaces, most recently with Lyft, and was joined by Structure Capital, Karlin Ventures, Expansion VC, and Venture51 to provide users across the country affordable and fast roadside assistance. With a total raise of $13.8 million since inception, HONK has on-boarded more than 20,000 trucks nationally, is rapidly expanding their team, and is planning to unveil first-of-their-kind features for both drivers and tow operators this year.

"We are absolutely thrilled to partner with the HONK team," said Vadim Tarasov, Managing Director of Altpoint Ventures. "With our deep understanding of marketplaces and our relationships in the automotive industry with our affiliate Altpoint Capital, we are excited to help HONK build a better future for drivers around the world."

ABOUT HONK

HONK is the on-demand mobile app for tow, tire change, jump start, fuel and lock out services from more than 20,000 tow trucks nationwide 24 hours a day, 7 days a week. HONK's faster ETAs and "Guaranteed Never to Exceed" prices, which start at just $49 without membership fees or limitations, offer motorists an alternative to outdated membership-based motor clubs. The HONK app is free to use and available on iOS, Android, or the web. HONK was founded in 2014 and is headquartered in Santa Monica, Calif. For more information, visit: http://www.honkforhelp.com.

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