Endeavour Ventures buys HugHub’s extranet platform

Endeavour Ventures has purchased HugHub’s digital quote platform after winning a bid.

Called Extranet Hub, the platform offers multi-quote capability for insurance brokers in commercial lines.

The deal came after software house Open GI said it had acquired another one of HugHub’s digital platforms at the start of April.

Bill Cunningham, chief executive and co-founder of Endeavour Ventures, said his firm was ”delighted to have secured this investment”.

“Extranet Hub, launched in November 2023 is a compelling solution to a well-known challenge facing insurance brokers in the UK and around the world,” he said.

“With the backing of our tech-savvy investors, Extranet Hub is destined to revolutionise the way-of-working for insurance brokers and offer greater distribution to insurance companies and MGAs.”

Administration 

The deal came after HugHub entered administration due to funding issues, with two administrators from Resolve Advisory being appointed on 15 April 2024.

Former HugHub chief executive Jonathan Davey, who announced he would retire earlier this week, said he was ”pleased Extranet Hub has gone to Endeavour Ventures”.

”We have known Endeavour for some time and their knowledge, focus and investment might in the fintech world will see Extranet Hub mature into the vision we have for the platform,” he added.

Andrew Holley, co-founder and former chairman of HugHub, said: “We look forward to making further announcements shortly on the strategy for the Extranet Hub solution under the new ownership and working with our insurer and broker partners going forward.”